Equities market maintains positive stance, adds 0.19%

For the second consecutive trading session, the equities market closed positive following the gains in two banks stocks that comprises of Guaranty Trust bank Plc and Zenith Bank Plc

Consequently, the Nigerian Stock Exchange All-Share Index (NSE ASI) closed up 0.19 per cent to end Thursday’s session at 26,289.95 basis points from 26,240.45 basis points, corresponding to a market capitalisation of N9.05trillion.

Furthermore, market breadth index closed positive as 24 stocks gained compared with 19 stocks that declined.

FO appreciated by 10.25 per cent to led the gainers’ chart while MRS dropped by -9.74 per cent to become market’s worst performer.

Following the release of its Q2 2017 results, which showed a N4.66 billion loss before tax, Guinness Nigeria share dropped by five per cent  closed in the red today. While the Consumer Goods sector closed down 0.47 per cent, all other major sectors ended in the green.

The Banking Index gained 1.18 per cent was the best performer while the Oil & Gas and Industrial sectors gained 0.58per cent and 0.01per cent respectively.

Investors exchanged a total of 146million units of shares in 3,013 deals worth N1.19billion today, representing a 23per cent and 51 per cent declines in total volume and value respectively.

AIICO added 3.45 per cent was the most actively traded stock with 30m units of shares accounting for 20.6 per cent of total volume.

Capital market analysts said, “Despite the NSE-ASI gaining in the last two trading sessions, we expect the market to remain volatile due to the weak macro-environment and the lack of positive news flow to support the market. .

“We however advise investors to look beyond the current dim macro situation and build position in quality names for a medium to long term horizon.”

On the foreign exchange market, the Naira recorded a marginal 0.8per cent gain against the Dollar to end today’s session at N305.25 while shedding 0.73per cent and 3.01per cent against the Pound and Euro  to settle at N396.30 and N336.71 respectively.

At the parallel market, the Naira remained flat against the Dollar to end today’s session at N498. It also held constant against the Pound and the Euro to close at N602/£ and N524/€.