After nine (9) consecutive trading days of losses, the Nigerian equities took a breather, as the NSEASI gained 0.22% at the close of trading yesterday, pegging the Year-to-date return at -10.91%. Similarly, the volume traded advanced by 37.04%, while the value of transactions declined by 5.01%. There were nineteen (19) gainers as against eleven (11) decliners, indicating a market breadth of 1.73x.
Sterling Bank led the gainer’s chart in the day, appreciating by 5.71% to close at NGN0.74. The ticker was followed by Oando (+5.00%), Flourmill (+4.99%), PZ (+4.90%) and Fidson (+4.62%). Conversely, Forte Oil (-6.19%) pared the most, to close at NGN70.00. Julius Berger (-5.00%), Afriprud (-4.32%), Total (-4.14%), and Livestock Feeds (-2.63%) also made the top laggards list for the day.
Market performance, as measured by NSE-Sector indices, showed that all indices advanced for the day, save for the NSEOILG5 which declined by 1.22%. NSEBNK, NSEFBT10, NSEINS10 and NSEIND all advanced by 0.75%, 0.60%, 0.15% and 0.10% accordingly.
Analysts attribute yesterday’s market performance to bargain hunting activities on a few large cap stocks. However, they believe the general market mood remains downbeat and therefore do not expect a repeat of Wednesday’s occurrence for the remaining days of the week.