Equities market resists sell-pressure, adds modest gain
The domestic equity market started the week with an unconvincing gain, despite the mid-day rallies observed in selected stocks. This was as speculative trading remained prevalent given the attractive prices on listed equities.
Therefore, the market closed yesterday on a positive note, as Nigerian Stock Exchange [NSE] All Share Index [ASI] appreciated by 0.01 per cent to close at 31,446.42basis points, compared with the 0.17 per cent depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 9.26 per cent
Market breadth however closed negative as Evansmed led 15 gainers against 30 losers topped by Flourmill at the end of yesterday’s session- an improved performance when compared with previous outlook.
Market turnover also closed negative as volume declined by 72.04 per cent against 1.44 per cent decline recorded in the previous session. Etranszact, Transcorp and Zenith Bank were the most active to boost market turnover. Dangote Cement and Zenith Bank topped market value list.
Volume shockers included Cadbury which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.
Meanwhile, the National Association of Securities Dealers [NASD] has received ISO 10383 Market Identifier Code (MIC) for the Over-The-Counter [OTC] market.
The four-character code NASX, allows NASD OTC to be internationally recognized as a trading venue. The association has therefore joined the “universal method of identifying exchanges, trading platforms and regulated or non-regulated markets as sources of prices and related information in order to facilitate automated processing.
Some automated communication channels like FIX Protocol tend to the MIC as a prefix to a security – thus making identification of securities more precise to exchange. Once the code is pre-fixed to securities trading on NASD, they can be individually identified with precision, worldwide by automated trading engines.
NASD has also dimensioned the potentials of the Nigerian capital market and the immense opportunities for solicitors to contribute to developing the OTC market in particular and the economy as a whole