Market breadth closes at 1.5x
- The NSEASI went up 158bps to close at 39,042 points despite the decline in positive momentum witnessed in the early hours of trade.
- A total of 492.05 million (+25.16%) shares worth NGN7.62 billion (+14.19%), were exchanged in 4,726 (-10.58%) deals.
- Total market capitalisation crossed the imaginary 14 trillion point to close at NGN14.14 trillion.
- NASCON+10.07% was the top advancer while ETERNA-4.96% closed as the top laggard.
- Other laggards featured were RTBRISCOE-4.17% and CONTINSURE-4.67%.
- Selling pressures returned to both the oil and gas and insurance sectors.
- However, the industrial goods sector remained strong, supported by WAPCO+4.74% and DANGCEM+4.00 which both featured on the top 10 gainers’ list.
Why stocks are up
- Investors remained bullish on a number of medium and heavyweight counters.
- However, profit taking activities were observed on some stocks, particularly in the financial services and oil and gas space.
- We expect to witness more sell-offs on stocks that have gained significantly.
NSE announces FY2017 results
The Nigerian Stock Exchange (NSE) announced its FY2017 results today.
Gross earnings and profit-before-tax advanced by 86% and 5.629% respectively.
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