Gain in Forte Oil lifts equities market by 0.31%

The Nigerian Stock Exchange-All Share Index (NSE ASI) appreciated by 0.31 per cent to end the week on Friday on a positive note, taking the Week-till-Date return to 0.30 per cent.

This performance reflected continued rally in Forte Oil that gained 10.23 per cent, as well as recovery in Okomu Oil that also appreciated by 5.24 per cent which offset the declines in Lafarge Wapco that dropped 5.09 per cent and Presco Plc that lost 4.99 per cent.

The NSE ASI had opened today for trading at 25,739.18 basis points to close at 25,817.69 basis points while the market capitalisation appreciated by N27 billion from N8.856 trillion to N8.883 trillion equities market closed today.

Investors’ sentiment as gauged by the market breadth index turned positive as 22 stocks advanced in price, compared to 14 stocks that declined.

With 10.24per cent gain, Forte Oil moved to N 106.23, sustaining its positive run for the seventh day to top the gainers’ chart while Lafarge Wapco  dropped by 5.09per cent or N2.08 to close on Friday at N38.82 to become the worst performer today.

On the contrary, volume turnover declined by 35 per cent as investors exchanged over 108million units of stocks valued at N1.64billionn.

Diamond Bank and Transcorp were the most actively traded stocks with over 23million and 15million units respectively.

With over 10per cent gain in Forte Oil , the Oil & gas Index advanced by 1.23per cent while the gain in NB pushed the Consumer Goods Index up by 0.83per cent. Similarly, banking index also recorded a marginal gain of 0.53per cent while the Industrial Index fell by 1.93per cent, following loss in Lafarge Wapco.

On the foreign exchange, the interbank market, Central Bank of Nigeria (CBN) intervention kept the Naira flat at N305 levels against the Dollar.

However, it shed 2.33per cent against the Pound Sterling to N408.75 while it gained 0.90per cent against the Euro to N331.84/Euro.

While the local currency remained flat at N485/Dollar and N516/Euro, it gained 1.00per cent against Pound to N602.