All Share Index defy election fear, post 3rd consecutive day of gains (Full price list)

The equities market recorded its 3rd consecutive day of gains, belying expectations that market might suffer markedly in the lead up to the elections. The NSEASI advanced by 0.27% to trim YtD return to -14.64%, with 24 stocks appreciating in value, against 18 stocks which shed points. Volume and value of transactions however, declined markedly by 65.44% and 49.25% respectively much in line with our expectations, with ZENITHBANK leading by both volume and value.

UBA appreciated by 7.30% to champion the gainers’ chart, just as FCMB, HONYFLOUR, DANGFLOUR and SKYEBANK trailed with respective gains of 6.87%, 4.90%, 4.84% and 4.70%. On the flip side, CCNN led the losers’ chart, with a loss of 8.56%. The ticker was followed by MAYBAKER (-4.73%), SEPLAT (-4.66%), JOHNHOLT (-4.17%) and UACN (-2.08%) in that order.

The NSE30 market index and NSEBNK10 sector index returned the highest gains of 20bps apiece during today’s trading, while the NSEOILG5 index reversed the prior day’s gain, to pare by 1.90%.

Although market continues to defy our expectations, we are of the opinion that this uptick in returns may not persist for the rest of the trading days in the week. And so, we continue to advise that investors trade cautiously, especially over the course of the next few trading days| Meristem