The quest of investors to have a piece of the pic in market positive deliveries for the earning period has once again generated another round of market rally.
To this end, the Nigerian equities market closed positive as ASI advanced by 0.33%. The trend reversal was propelled by gains posted y the consumer Goods and Banking sector as their stocks pitched demand against supply.
However, market analysts maintained that in the absence of any market driver, it is expected that the market would remain volatile in the near term as investors continue to take positions in this earnings season.
“Nonetheless, we advise entry into our quality names for investors with a medium to longer term horizon” stated Investment one analyst.
Similarly, market breadth index ended positive with 30 gainers against 28 decliners.JAPAULOIL led the gainers table with +9.88%) while CILEASING led the decliners table with -9.28%, as the worst performer.
With respect to volume, CAPOIL which lost -4.17% was the most actively traded with N308million units of shares valued N142million.
NSE Consumer Goods Index gained 0.92%, due to the buy interest in Unilever which gained 7.49%.Cadbury also appreciated by 5.00%, Flourmill advanced by 2.78%, while NB also gained 0.72%.
NSE Banking Index closed higher by 0.65%, largely driven by the gains in FBNH with 4.87%, GTBank gained 2.94%, ACCESS bank appreciated by 0.78%, while FCMB also added 0.39%.
NSE Industrial Index shed 0.54% following the loss in DANGCEM declined 1.13%.· NSE Oil and Gas Index also declined by 0.03% on the back of the losses in ETERNA which lost 0.31% and FO which depreciated by 0.22%.
Stories by Bonny Amadi