Nigerian bourse closes positive Thursday as Index adds 1.28%

The Nigerian equities market repositioned from the red zone to close positive on Thursday as NSE ASI gained 1.28 per cent on its previous close.

Bourse closed at 38,676.12 points and market capitalization similarly closed higher at 13.45 trillion naira from 13.28 trillion naira.

Market breadth significantly swayed in favour of the bulls as 49 gainers outnumbered 6 losers.

Sector performance indices closed in green save for NSECNSMRGDS owing to price drop in NESTLE and PZ by 3.60 per cent and 3.77 per cent respectively, NSELOTUS shed 69bps as well.

DANGFLOUR, MAYBAKER, DIAMONDBNK, FCMB and TRANSCORP ended the day’s trading day as the top gainers in terms of unit price of stock while NEM, CUSTODIAN, NEIMETH, MOBIL and PZ topped the losers chart on the same basis.

DIAMONDBNK, FCMB, TRANSCORP, SKYEBANK and STERLNBANK made up the top five traded stocks on the volume-based chart while NESTLE, DIAMONDBNK, ZENITHBANK, FCMB and DANGCEM were the top traded stocks in terms of value.

Market activities in terms of volume and value both swayed northward from previous level to record 39.95 per cent and 83.24 per cent respectively. This reflected quite impressively on the equities market at the end of today’s session.

Given it’s just the first month of a new year, market analysis thus far suggest an optimistic outlook on the economy even as analysts at APT Securities and Funds Limited expect the market to keep soaring as a result of this but with minor setbacks in terms of profit.