The Nigerian equities market closed the second trading session of the week positive, gaining 0.68per cent.Similarly, market breath index was positive with 24 gainers against 14 stocks that declined.
Today’s performance was driven by the gains in Diamondbank +9.86 per cent UPL +7.50 per cent, UBA +6.67per cent, UnionDac +4.17percent, Guaranty +3.75per cent and FBNH +2.70per cent, which outweighed the losses in Linkassure -9.86per cent, Veritasskap -9.09per cent, Maybaker -8.00per cent and Mbenefit -8.00per cent.
Sector performances were mixed with Banking +2.62per cent emerging the best performer. However, Industrial -0.94per cent and Consumer Goods -0.13per cent both closed in the negative region, while Oil & Gas closed flat.
In terms of activity level, total volume and total value declined by 21per cent and 22percent respectively, as investors exchanged 198million units of shares worth N2.11billion. FBNH +2.70per cent was the most actively traded with 63million units of shares worth about N479million.
Despite the sell-off in the equities market in the previous quarter, we believe this presents decent entry opportunities in our quality names.
At the IEFX window, the Naira gained 0.17per cent and 0.01percent against GBP and EUR to close at N461.31 and N411.84 respectively. In contrast, it lost 0.08per cent against the USD to close at N364.63.
In the parallel market, the Naira closed flat at N370/USD. However, it depreciated by 0.24per cent to close at N415/EUR and appreciated by 0.42per cent to close at N470/GBP.
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