Equities market reverses loss, post 0.15% gain

Published by

8 years ago

SENTIMENTS reversed in the Nigerian equities market on Wednesday following loss recorded on Tuesday, as the All Share Index advanced by 0.15 per cent to close at 26,385.80 points.

Also market capitalisation appreciated marginally to N9.08 trillion as against N9.07 recorded at the close of trading on Tuesday.

Gains recorded reduced the Year-to-Date loss to 1.82 per cent. The banking sector advanced by 0.73 per cent and Oil & Gas 0.37 per cent closed positive, following demand for GUARANTY at 1.87 per cent, ZENITHBANK, at 0.60 per cent, FO, 2.17 per cent and ETERNA 4.04 per cent respectively.

Conversely, selloffs in GUINNESS at a decline of 6.38 per cent, CCNN, at -3.86 per cent and MANSARD 1.23 per cent weighed on the consumer goods, which recorded 0.28 per cent decline, industrial goods, with -0.05 per cent depreciation and Insurance sector with 0.15 per cent descent.

Market breadth was positive with 19 gainers versus 16 losers with OKOMUOIL leading the Gainers and Guinness Nigeria Plc on top of the loser at the end of trading session on Wednesday, an improved performance when compared with previous outlook of 19 Gainers versus 25 Losers.

Market turnover however closed negative as total volume traded fell by 47.04 per cent to 197.45 million shares, valued at N1.05 billion, and exchanged in 3,410 deals

UBN, DIAMONDBNK and TRANSCORP were the most active to boost market turnover while FO and UBN topped market value list.

Analysts at Cordros, however, expect the bears to resurface in Thursday’s session, as there are no strong fundamentals to support a bullish trend.