Positive sentiments continue to sway the mood in the Equities market as the NSEASI advanced by 0.57%, bringing the year-to-date return to -7.27%. However, volume traded and market turnover declined by 2.64% and 64.87% accordingly. Market breadth pegged at 1.57x, reflecting twenty-two (22) advancers against fourteen (14) decliners. The substantial decline in value of transactions was largely due to trade on low price stocks.
Honeywell Flour led the gainers’ chart after appreciating by 8.62% to close at NGN1.26. The counter was trailed by ETI (+4.99%), NEM (+4.94%), UCAP (+4.91%) and UBA (+4.85%). On the flip side, MOBIL was the worst performer, paring by 5.00% to settle at NGN284.05, followed by FIDSON (-4.72%), OANDO (-4.67%), TOTAL (-4.40%) and CAVERTON (-4.26%) settling their closing prices at NGN1.21, NGN4.29, NGN277.13 and NGN0.90 in that order.
Measuring market performance, the NSE sector indices showed that only the Banking index (+3.12%) returned positive; while the Oil & gas (-1.05%), Insurance (-0.28%) and Food & Beverages (-0.187%) sectors recorded declines, and Industrial goods sector traded flat.
Analysts are of the view that bargain hunting activities on most banking stocks drove the positive sentiments witnessed in the equities market on Thursday. They also observed the profit taking activities on most oil & gas counters that have traded high in recent times. Based on the gains experienced thus far, they expect the market to close positive week-on-week.