Bullish trading heralds new month’s transactions on the Exchange
THE equities market closed yesterday on a positive note, as Nigerian Stock Exchange [NSE] All Share Index [ASI] appreciated by 0.54 per cent to close at 30,267.18 basis points, compared with the 0.19 per cent depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 12.67 per cent.
Market breadth also closed positive as Redstarex led 26 gainers against 21 losers topped by UACN at the end of today’s session- an unimproved performance when compared with previous outlook.
Market turnover however closed negative as volume moved southwards by -34.43 per cent against 24.13 per cent uptick recorded in the previous session. UBA, Diamond bank and First Bank were the most active to boost market turnover. Nigerian Breweries and Guaranty topped market value list.
On sectoral indices, banking recorded 1.77 per cent gain to emerge the most supportive sectoral index among others while oil and gas emerged as worst hit to close with 0.42 per cent loss.
Volume shockers included Redstarex which led the list of active stocks that record impressive volume spike at the end of yesterday’s session.
Meanwhile, the equity market in the last 10 trading session of February maintained an uptrend closing positively. This was as a result of market players’ renewed interest in the market due to attractive value of listed assets following release of audited results led by Nigerian Breweries, Forte oil and Nestle Nigeria Plc.
The expected earnings are the forces to drive the market if numbers beat market expectation. The composite index NSEASI for the week rose by 719.88 basis points or 2.45 percent closing at 30,103.81 compared with opening figure of 29,383.93.
According to Proshare analysts, the increased in volume of transactions showed that fresh positions are being taken in anticipation of good results and macroeconomic index.
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