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Home Markets

Daily Market Summary: Joy for oil and gas stocks

Morgan Capital Research by Morgan Capital Research
May 23, 2018
in Markets, Stock Market
Bellwether, bearish, stocks, Daily Stock market report, Nigerian Stock market, bank lending, banking stocks

Stock exchange

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Market breadth closes at 0.54x

  • The year to date return on the bourse settled below five per cent as the NSEASI shed 25 basis points in the session.
  • A total of 266.70 million (-5.18%) shares worth NGN4.67 billion (+14.23%), were exchanged in 3,721 (-13.55%) deals.
  • IKEJAHOTEL witnessed an uptick of 980 basis points to top the gainers’ list once again.
  • UACN-8.52% however closed as the top laggard for the day.
  • Barring the marginal advancement of the NSEOILG5+0.08% index, all NSE sector indices closed lower. Bearish sentiments were strongest on the consumer goods sector index.

Why stocks are down

  • The Nigerian bourse closed lower for the third session this week.
  • We expect bargain-hunters to provide a respite from the extended negative sentiments on fundamentally justified counters.

Oiland Gas Sector:MRS saves the day

The NSEOILG5 index gained marginally by 8bps following the return of positive sentiments on MRS+4.87%.

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As a result, the YtD return on the index closed higher at +5.65%.

The bears had a grip on JAPAULOIL-3.57% and OANDO-3.80% while other tickers traded sideways.


Contact Morgan Capital for more information. Email: info@morgancapitalgroup.com

www.morgancapitalgroup.com


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Tags: Morgan CapitalMRS Oil Nigeria - NewsNigerian StocksOn the Money
Morgan Capital Research

Morgan Capital Research

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