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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 .

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