Market breadth closes positive
- Following a prolonged bout of sell-offs, the NSEASI was up 0.37% from its previous close, on heavy trading.
- However, the Year-to-date return on the index remained in the red at -3.38%.
- A total of 314.43 million (-39.16%) shares worth NGN7.03 billion (-2.26%), were exchanged in 6,016 (+19.58%) deals.
- Total market cap closed higher at NGN13.38 trillion.
- JAPAULOIL +9.09% was the top gainer for the day while OANDO -8.96% was the top decliner at the sound of the closing bell.
- In line with our expectations, bargain hunters trooped into the bourse, particularly on counters in the banking sector.
- The NSEBNK10 index was placed in green territories, following a 160bps advancement.
- In contrast, the NSEIND index was the most bearish due to selling pressures on WAPCO-2.65% while other stocks traded sideways.
Why stocks are up
- Based on our analysis of trades today, we attribute the positive close to buying pressures observed on tickers in the banking sector.
- On this note, stocks like GUARANTY +4.53%, FBNH +3.45%, and FCMB +3.21% were in high demand in the session.
Banking sector: GUARANTY tops the gainers’ list
Positive sentiments returned the banking space, as investors bought the dip on a number of fundamentally sound counters.
As a result, the sector index, as measured by the NSEBNK10 index advanced by 1.60%.
The Year-to-date return on the index returned to the green at +0.15%.
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