Speculative trading in the shares of Zenith Bank, Stanbic IBTC and Lafarge WAPCO gave the banking and industrial sectors a marginal lift on Tuesday and helped the raise the Nigerian Stock Exchange All-Share Index by just o.03 percent
The ASI closed 32,152.90 points, reducing the month-to-date and year-to-date losses to 0.97 percent and 15.93 percent respectively.
Specifically, the banking index turned positive with a gain of 0.25 percent owing to renewed interest in shares of Stanbic (+2.13%) and Zenith Bank (+1.04%). The industrial goods index, up 1.87 percent also closed positive, following the 8.67 percent gain in Lafarge WAPCO shares.
On the flip side, the insurance (-2.23%), consumer goods (-0.33%), and oil & gas (-0.26%) indices posted losses, owing to negative returns in the shares of Axamansard (-8.95%), Honeywell Flourmill (-7.41%) and Forte Oil (-6.15%), respectively.
Market breadth turned negative with 26 losers and 14 gainers, led by C&I Leasing (-10.00%) and Unity Bank (+9.86%).
Total volume of trades spiked 181.30 percent to 399.76 million units, valued at N2.24 billion (+44.10%), and exchanged in 2,880 deals.
Investment analysts at Cordros Capital reiterated a conservative outlook for equities in the short to medium term amidst brewing political concerns, and the absence of a positive trigger.
They however noted in their November 13 note to investors that stable macroeconomic fundamentals remain supportive of recovery in the long term.
Power DisCos’ forensic audit bad for economy -- economists
Oil prices fall as demand outlook worsens in US
Opay finally gives in to harsh economic environment, suspends Nigeria operations
NLC demands return to old petrol price, flays price increase
New fuel price band signals Nigeria's gradual exit from subsidy regime
Moody's warns Nigerian banks vulnerable in face of forex liquidity pressures akin to 2016-2017 crisi...
Ekiti State, UNOPS, SHS sign $2bn deal to build 50,000 affordable homes in 10 years
A cloudy second half as Nigeria navigates through coronavirus storm
Three-man panel to review AfDB's Adesina probe
Nigeria, other African oil exporters’ll lose $34bn – IMF
- Hold Guinness, sell Unilever, BUA, buy Zenith, MTN, UBA, GTB, FBNH…
- Equities in melt down as Investors lose N115bn in a day
- Global investors see China, Covid-19, Trump, Brexit as top concerns for H2 2020
- Investors rattled, mount pressure on brokers as Zimbabwe shuts down…
- Transcorp Hotels seeks N10bn from capital market to fortify operations
Frontpage December 25, 2017