The bull again on Tuesday subdued the bear in a battle for supremacy, as the All Share Index edged higher, adding 935.72 basis points to close at 44,054.72 points, which is 2.17 percent higher than the 43,119.00 points it closed yesterday. The Market capitalization symmetrically climbed to reach N15.782trillion, adding N335billion to the N15.447trillion recorded yesterday.
A graphical analysis of ASI movement indicates that at current level, the market is performing well above the highest test of 43,255.04 points’ feat of July 2014. If this test is sufficiently sustained, we may as well be thinking of seeing the ASI hit 45,000 point mark last seen in 2008.
However, there is need for a cautious tread, especially because of a probable imminent pullback by profit taking.
Trading activities on the floor of the Nigeria Stocks Exchange today Tuesday 16th of January, 2018 recorded an exchange of 635.404million units of shares, worth N7.636billion in 7,331 deals, as against the 730,618 units, worth N6.301billion in 7,964 deals of the previous session.
Sector Performance
All other sectorial indexes were up on a renewed bargain hunting by market players.
- Gains in Dangote cement, Presco and of course notable banking stocks were substantial enough to push the NSE30 index to a positive close of 2,023.90 at 2.47%, when compared with yesterday 1,975.07 points.
NSE Banking Index Gained 3.92%, following the ace performance displayed by virtually all the banking stocks in this category.
NSE Consumer Goods Index was up 0.35% to defy the decline in Nestle (-0.67%), Honeywell (-5.9) and International Breweries (-0.24).
NSE Insurance Index was up by 1.17% and finally
NSE Oil and Gas Index grew by 1.13%, as FO and ETERNA return to the advancer’s list.
Market Breadth
Out of 107 stocks traded today in the equities market, trading activities for the day produced 46 gainers and 16 losers, with 45 stocks’ prices unchanged, bringing the market breadth to a positive close.
FBNH closed at N12.85 leading the percentage gainers’ list 20.21% above the previous N11.66, Followed by Sterling and Diamond Banks, both gained 10% and 9.96% respectively.
PERCENTAGE GAINERS (46)
On the flip side is Honeywell, losing 5.98% to close at N3.30. Lawunion, NPFM, Nestle, Fidson and few others saw red in a green dominated market.
PERCENTAGE LOSERS (16)
Best Stocks
Access Bank is undisputedly the best performed stocks for the day. The stocks outstandingly traded the highest volume (158,549,288 units of shares), in highest numbers of 936 deals, worth about N1.989billion.
