Nigerian stocks halt the bears, trade higher despite index losing 2.93% w-o-w

Nigerian stocks closed higher Friday after a four-day bear run as benchmark index NSEASI appreciated 0.56 percent to close 43,773.76 points as against the 0.99 depreciation recorded previously. The day’s performance, however, brought cumulative loss to 2.93 percent week on week

Market year-to-date (YTD) gain inched up marginally to 14.46 percent from the 13.8 percent it fell previously.

Investor sentiment- measured by market breadth (advance/ decline ratio) improved on the day consequent on 39 stocks advancing against 11 decliners.

The day’s best performing stocks were MOBIL (+3.35%), NB (+2.45%), NASCON (+4.99%), DANGFLOUR (+5.49%) and FBNH (+4.85%) while the worst performers were GUINNESS (-3.53%), CONOIL (-4.98%), GTB (-1.74%), REDSTAREX (-4.84) and FIDSON (-4.70%).

Market turnover closed positive as volume moved up by 88.65% as against 6.63% downtick recorded in the previous session. FCMB, DIAMONDBNK and SKYEBANK were the most active to boost market turnover. GUARANTY and FBNH topped market value list.

OANDO led the list of active stocks that recorded impressive volume spike at the end of the day’s session.