Daily Market Summary: Stocks are back up and here’s why.

Market breadth closes at 1.48x

• Following the increase in positive momentum on the NSEASI+0.45%, the bourse recovered from the brief loss witnessed in the last session.
• A total of 603.17 million (+187.19%) shares worth NGN3.89 billion (0.00%), were exchanged in 3,832 (-7.46%) deals.
• Total market capitalisation advanced to NGN14.07 trillion.
• NASCON+7.14% was the top advancer while BERGER-5.00% closed as top loser.
• Other laggards featured were BOCGAS-4.97% and ETERNA-4.73%.
• The NSEBNK10+1.05% index closed as the best performing index in the session.
• Bullish sentiments were also observed on the NSEFBT10+0.36% and NSEINS10+0.45%

Why stocks are up

• Based on our analysis of today’s trades, we attribute the positive close to the bull’s charge on the prices of heavyweights in the banking sector.

Consumer Goods Sector: NASCON+7.14% leads the pack

The sector closed in the green, as a number of mid and big-cap stocks faced marginally strong buying pressures.

Further gains were constrained by the flat close on stocks like NESTLE, GUINNESS and UNILEVER.

The NSEFBT10 index advanced by 0.36% while its YtD return nestled in the red at -5.85%.

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