Nigerian stocks halt the bears, trade higher despite index losing 2.93% w-o-w
January 26, 20181.8K views0 comments
Nigerian stocks closed higher Friday after a four-day bear run as benchmark index NSEASI appreciated 0.56 percent to close 43,773.76 points as against the 0.99 depreciation recorded previously. The day’s performance, however, brought cumulative loss to 2.93 percent week on week
Market year-to-date (YTD) gain inched up marginally to 14.46 percent from the 13.8 percent it fell previously.
Investor sentiment- measured by market breadth (advance/ decline ratio) improved on the day consequent on 39 stocks advancing against 11 decliners.
The day’s best performing stocks were MOBIL (+3.35%), NB (+2.45%), NASCON (+4.99%), DANGFLOUR (+5.49%) and FBNH (+4.85%) while the worst performers were GUINNESS (-3.53%), CONOIL (-4.98%), GTB (-1.74%), REDSTAREX (-4.84) and FIDSON (-4.70%).
Read Also:
- Trade war hits emerging market growth, weaker dollar eases some risks
- CIAPS advocates for African economic gains amid global trade rifts
- Pension Gaps and Inflation: The struggle for a secure Nigerian retirement
- Nigerian business leaders bet on economic growth amid inflation woes
- Economic recovery fails to ease inflation's grip on Nigerian manufacturers
Market turnover closed positive as volume moved up by 88.65% as against 6.63% downtick recorded in the previous session. FCMB, DIAMONDBNK and SKYEBANK were the most active to boost market turnover. GUARANTY and FBNH topped market value list.
OANDO led the list of active stocks that recorded impressive volume spike at the end of the day’s session.