The equities market closed today on a positive note, as the NSE ASI appreciated by +0.14% to close at 39,510.11 points, compared with the appreciation of +2.51% recorded previously. Its Year-to-Date (YTD) return currently stands at +40.71%.
The appreciation in the Index today is as a result of the gains recorded in the share prices of NB, CADBURY, NESTLE, ZENITH, UBN, ACCESS and FO.
The Market Capitalization also appreciated by +0.14%, to close at N12.62trn (US$78.89bn), compared with appreciation of +2.51% recorded previously to close at N12.60trn (US$78.78bn).
NSE-Food, NSE-LII and NSE-BNK stocks were the most supportive today as captured by NSE sector indices. CAP and BERGER led the price winners with above 9% gain each; NSE-30 inches up by +0.08% as NSE-Oil also moved southward by -1.09%. VONO lost 10.00% to close at NGN1.71kobo leading on the losers’ chart.
Market outlook reveals increased speculative trading as bargain momentum wanes amid increased sell pressure while market breadth slightly closed weak, indicating reprisal activities from the bears, just as we had envisaged in our previous report.
A cautious trading approach is advised as bears seem to be gaining consciousness. We expect sustained moderate bargain position in the coming session.
Daily Market Report this week:
Mon -030613 – Nigerian Stocks record modest gain, NSE ASI inches up by +0.07%
Tue -040613 – Market holds breadth firm; NSE ASI hits above 38,000bpts on active bargain
Wed -050613 - Stocks sustain uptrend on improved bargain; ASI inches up by +2.51%
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