Skip to main content

Stock market gains marginally amid mixed sentiments

The Nigerian equities market recorded N 13bn marginal appreciation as trading closed on a mixed note on Wednesday .
Market breadth turned even with 19 advances and 19 declines .
A total of 197 .449 million shares worth N 1 .048 bn were traded in 3, 410 deals .
The Nigerian Stock Exchange daily data showed a rise in market capitalisation to N9 . 078tn from N9 . 065tn as the NSE All - Share Index closed at 26,385 . 80 basis points from 26,346 .24 basis points .
The NSE ASI (appreciating by 15 per cent ) staged a mild recovery in Wednesday ’s session amid mixed performances across key sectors .
Major bourses around the world trended higher ahead of Donald Trump’ s first official press conference as investors looked for clues on policy direction.
Recovering from the sharp decline in the previous session , the banking sector recorded some appreciation, following pocket of gains across board .
The stocks of Diamond Bank Plc , Wema Bank Plc , Guaranty Trust Bank Plc and Access Bank Plc appreciated by 2 . 06 per cent , two per cent , 1 .87 per cent and 1. 59 per cent , respectively.
The oil and gas sector continued to trade higher as Forte Oil Plc ’s stocks recorded 2 .17 per cent appreciation, thus extending gains .
The consumer goods and industrial goods sectors , however , remained in the red amid declines in Guinness Nigeria Plc , Honeywell Flour Mill Plc and Cement Company of Northern Nigeria Plc by 6 . 37 per cent , 3. 88 per cent and 3. 86 per cent , respectively.
However, Okomu Oil Palm Plc and Presco Plc stocks (both in the agricultural sector) appreciated by 10.2 per cent apiece likely on the back of their inclusion in the NSE 30 as portfolio managers looked to rebalance their portfolios .
Commenting on the outcome of trading on Wednesday, analysts at Vetiva Capital Management Limited said , “ Although the ASI closed higher , we note that investor sentiments were quite mixed across sectors even as market breadth balanced out.
“ That said, we foresee mixed sentiments (with a positive bias) in the next session – supported by the stronger appeal for banking stocks .”
Meanwhile , the weak demand for Treasury bills instruments prevailed as the average bond yield hovered around 16. 87 per cent .
System liquidity remained significant, as average money market rate settled at 14. 13 per cent . The open - buy- back and overnight rates declined by 1. 17 per cent and 1 .33 per cent , respectively, at the close of trades on Wednesday .
The Treasury bills space was yet again dominated by bearish run as yields advanced across all instruments. Consequently, the average Treasury bills yield closed at 15. 57 per cent , depicting a 0 .60 per cent rise .
Mixed sentiments pervaded the treasury bonds space, however significant demand was evident at the shorter end of the curve , analysts at Meristem Securities Limited noted .
Yields advanced across all tenors save for the April 2017, February 2020, July 2017, August 2017, May 2018 and October 2019 instruments, which recorded yield declines .
The Naira yet again traded flat against the United States dollars at the interbank, while the parallel market recorded 0 . 41 per cent depreciation in the naira .

Comments

Post a Comment

Popular posts from this blog

China positive about US negotiation remark on North Korea

China said on Thursday it was positive that the United States is open to resolving tensions over North Korea through talks. Foreign Ministry spokesman Geng Shuang made the comment at a regular news briefing in Beijing. The Trump administration said on Wednesday it aimed to push North Korea into dismantling its nuclear and missile programs through tougher international sanctions and diplomatic pressure, and remained open to negotiations to bring that about. NAN reports that the U.S. stance, which appeared to signal a willingness to exhaust non-military avenues inspite of repeated warnings that “all options are on the table,” came in a statement following an unusual White House-hosted briefing for the entire U.S. Senate followed by a briefing to the House of Representatives. The statement from Secretary of State Rex Tillerson, Defence Secretary Jim Mattis and Director of National Intelligence Dan Coats described North Korea as “an urgent national security threat and top foreign policy ...
Post a Comment
www.bountifullink.blogspot.com»

Armed youths kill scores in Akwa Ibom/Cross River boundary attacks

Fresh trouble erupted again on Saturday as armed youths, from Ikot Offiong in Odukpani Local Government Area of Cross River State, reportedly killed scores of fishermen during another attack of Ikot Ada Akpan Community in Oku-Iboku, Akwa Ibom State on Saturday. Dr. Demson Ekong, an indigene of the area said that, the attackers came in six speed boats from Ikot Offiong in Cross River and opened fire on the fishermen. Though, the death figure could not be ascertain at the time of filling this report but, the source said, “Some fishermen have been killed as the actual number of casualties are yet to be determined. “There is a serious attack on Oku-Iboku this morning. The attackers came in six speed boats but, were repelled by the military But the Police Public Relations Officer, PPRO, Akwa Ibom State police Command, Mr Chukwu Ikechukwu, who confirmed the incident said ‘‘No death was recorded’’. ‘‘What I know is that, the youths from Ikot Offiong went to Ikot Ada Akpan community again...
Post a Comment
www.bountifullink.blogspot.com»

I’m different from young artistes – Majek Fashek

Since his return to the Nigerian music scene, veteran reggae maestro, Majek Fashek, has been on a conscious mission to once again stamp his feet on the music space, reclaiming his throne as the only musician in the world who can draw rain with his music fic. In a recent interview with HIPTV, the rain maker, as he is fondly called, claimed there is a cut clear difference between the quality of sound and music he makes and that of young artistes. According to Majek, “I make sound while all these young musicians make jam, I make good sound but they are always jamming, they don’t make good sound, they just jam. My song ‘Send down the rain’ was made over thirty years ago, but if you listen to it today, you will realize that the sound will appeal to both the old and equally the young ones because the sound is good and still relevant today, that is something the young musicians don’t have.” In a one-on-one chat with  E-Daily , Majek explained that his statement in the i...
Post a Comment
www.bountifullink.blogspot.com»