The grass truly is greener on this side. Spurred by strong buyer sentiment, the equity market has posted gains for six consistent trading days. Results today was primarily driven by price gains in DANGCEM (+1.9%), FORTE (+10.2%), SEPLAT (+6.7%) and GUARANTY (+3.0%).
The All Share Index at the close of trade today, gained and impressive 1.29% to close 26,407.64 (25,924.82 on Tuesday). With thirty-two gainers against eleven losers, investor sentiment was clearly on the positive side, placing the market breadth at 2.9x (1.6x on Tuesday).
Leading the band of gainers was FO which gained 10.24% to close at 129.10. Forte Oil has remained in the gainers’ chart for the 9th consecutive session. Trailing the Oil and Gas player were VITAFOAM (8.68%), GLAXOSMITH (7.14%), SEPLAT (6.71%) and ETI (4.94%).
As for the activity levels which were mixed, volume traded dipped from 376.7M on Tuesday to 205.4M while value traded increased from 2.4B on Tuesday to 4.3B. Market capitalization as such closed at 9.1B (8.9B on Tuesday). These all transpired in 3,275 deals.
Today, FIDSON led the decliners’ chart as it dipped by 4.51%, trailed by CHAMPION (-4.21%), AIRSEVICE (-3.85%), LEARNAFRCA (-3.85%) and BETAGLAS (-3.00%).
Lastly, analysis by sector showed the Consumer Goods Index emerging as the lone decliner on account of NIGERIAN BREWERIES (-2.5%) and CHAMPION (-4.2%). All other sectors closed in the green. Oil & Gas (+4.4%) stays as best performing sector, giving the present economic realities. Gains in FORTE (+10.2%) and SEPLAT (+6.7%) secured its position. The Banking index (+2.3%) came next and was trailed by Industrial Goods (1.0% ) Goods and Insurance (0.5% ) indices respectively.
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