Daily Market Summary: Bullish sentiment ends sessions of losses at NSE

Market breadth closes positive at 1.00x

• Positive sentiments returned to the bourse after sessions of losses.
• The All–share index advanced by 0.34 percent at the close of trades.
• An equal number of gainers and losers placed the YtD at -0.66%.
• A total of 207.41 million (+24.03%) shares worth NGN3.42 billion (+139.67%) were exchanged in 3,822 deals.
• The NSE insurance index closed neutral at 149.45 points. LASACO+5.88% led other gainers in this space.
• AFRIPRUD+1.25% and MBENEFIT+2.86% also closed higher.
• The greatest selling pressures were observed in the oil and gas sector.
• Three counters; SEPLAT-4.99%, JAPAULOIL-4.26% and OANDO-3.05% closed bearish while other counters traded sideways.
• Increasing positive momentum on heavyweights like FBNH+0.47%, GUARANTY+0.86% and ZENITHBANK+0.19% caused the NSEBNK10 index to pare marginally by 0.05% in the session.

Why stocks are up

Based on our analysis of trades today, we attribute the positive close on the NSEASI to bargain hunting activities on some stocks, following the sessions of losses.

Furthermore, we note the 2.22% gain recorded on the market’s heavyweight, DANGCEM.

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