Nigerian equities mkt grabs the bull by the horns, ASI up 0.25%

As investment managers reprioritise their portfolios and companies ready for the year-end rally, the Nigerian equities market seems to be coming back to life, slowly shaking up a protracted lull. The turnaround cannot is also heavily attributed to the recent OPEC oil cut which rejuvenated investor sentiment.

At the close of Business on Thursday, the All Share Index gained 0.25%, nudging the index to 25,739.18. Conversely, both market turnover and volume traded pared 38.80% and 35.10% respectively.

As for the investor sentiment indicator, market breadth, it closed at 0.91x on account of nineteen stocks appreciating  as against twenty one stocks which pared.

Leading the bang advancers, FO (10.24%) posted the greatest gain for the third consecutive day while,  HONYFLOUR (+9.28%), PORTPAINT (+4.59%), WEMABANK (+3.77%), and AIICO (+3.51%) followed.

On the counter list, TOTAL (-9.38%) slipped the most points, followed by INTBREW (-5.00%), MOBIL (-5.00%), FIDSON (-4.79%), and NEIMETH (-4.76%).

Analysis by sector (NSE sector indices) showed that the NSEIND (+0.65%), NSEBNK10 (+0.36%) and NSEINS10 (+0.26%) posted increases. Conversely, the NSEOILG5 (-0.62%) and NSEFBT10 (-0.51%) pared at the close of trade.