After two days of consecutive profit-taking, the Nigerian Stock Exchange (NSE) equities market segment took a break to close the day positive as the NSE All-Share Index (ASI) rose above 29,000.00 basis points.
Investors’ sentiment in the equities market ended when President Muhammadu Buhari finally assign his ministers portfolio.
The NSE ASI had opened today at 28,991.12 basis points to close at 29,014.78 basis points, representing an increase of 33.66 basis points or 0.12 per cent.
Investors’ keen interest in Forte Oil that gained N5.98 or 2.1 per cent to N287.98 and Nigerian Breweries Plc that rose by N3.49 or 2.69 per cent have positive impact on the equities market.
Others include FlourMill of Nigeria Plc that gained N0.95 or 4.55 per cent from N20.90 to N21.85 while Zenith Bank and Access Bank Plc rose by 1.24 per cent and four per cent to close at N17.20 and N4.68 respectively.
Despite the closing of the market on positive, the Week-till-Date activities remains at -0.06 per cent to close the day higher at 29,014.78 points still far below the psychological level, tempering Year-till-Date loss to -16.28 per cent.
In the same vein, market capitalization gained N11.57 billion to close at N9.97 trillion from N9.963 trillion, while market activity as measured by value and volume closed at N1.45 billion and 217.31 million respectively.
The Insurance Index appreciated for the third consecutive day of the week as the positive run persist in Mansard Insurance that gained N0.13 or 4.96 per cent to N2.75, pushing the index to positive 0.85 per cent.
Followed by the Consumer Goods Index which appreciates after two days of consecutive loss, as bargain hunting resurface in industry high market cap companies with like Nigerian Breweries, Flour Mills of Nigeria that leverage 0.70 per cent increase to 735.94 basis points.
The Banking sector index closed positive at the close of trading, as profit bargain hunting resume in Zenith Bank and Access Bank Plc and Guaranty Trust Bank Plc to appreciate the index by 0.55 per cent from 304.79 basis points to 306.46 basis points.
On the flipside, the Oil & Gas Index closed negative, depreciating 0.28 per cent as negative investors sentiment in Oando Plc that dropped by 9.7 per cent declined the index at 0.28 per cent.
Followed by Industrial Index as sell off persist in CCNN (-8.3p er cent) and Ahakacem (-2.2 per cent) to decline the index by negative 0.09per cent.
At the close of trading market sentiment declined to close lower relative to the previous close, the market breadth as measured by the ratio of advancers to decliners closed weaker at 0.5x as 12 stocks advanced and 25 stocks declined for the day.
The top gainers were Mansard Insurance Plc that gained 4.95 per cent from N2.62 to N2.75, Dangote Flour Plc rose by 4.76 per cent to N2.75 from N2.62
Other price gainers include Flour Mills of Nigeria that gained4.6 per cent from N20.90 to N2121.85 while Eterna and Access bank Plc appreciated by 4.52 per cent and four per cent to close at N1.85 and 4.68 in that order.
OANDO top the losers table at 9.67 per cent from N8.48 to N7.66 Transcorp and CCNN depreciated by 8.87 and 8.25 per cent to close today at N1.85 and N8.01 respectively.
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