The positive momentum in the equities market, which started yesterday, was somewhat sustained today. Consequently, the NSEASI advanced by 0.09%, thus settling the YTD return at -11.79%.

The volume of transactions appreciated by 86.85%, driven by significant trade of WEMABANK (c.70% of volume traded). On the flip side, market turnover declined by 44.12%, as low-valued stocks were traded mostly during the day. There were sixteen (16) gainers and fourteen (14) losers at the end of trading today, indicating a market breadth of 1.14x.

MOBIL emerged as the top gainer for the fourth consecutive day, after advancing by 10.25% to close at NGN294.00. The counter was followed by FO (+10.22%), PORTPAINT (+9.27%), OKOMUOIL (+5.00%) and OANDO (+4.75%) accordingly. Conversely, NAHCO championed today’s losers, after shedding 4.92% to close at NGN2.32.  CCNN (-4.91%), UAC-PROP (-4.70%), NEIMETH (-4.17%), and WAPIC (-3.85%) emerged as other top losers.

Similar to yesterday’s outcome, the NSEOILG5 and NSEBNK10 sector indices recorded gains, while NSEINS10, NSEIND and NSEFBT declined by 0.06%, 0.04% and 0.53% accordingly.

The performance of the market was driven mostly by bargain hunting on selected stocks and buy sentiments towards the Oil and Gas stocks, following OPEC’s decision to cut crude oil output by 1.2mbpd yesterday. Market watchers expect this trend to persist for the rest of the week.

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