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Wednesday, February 1, 2023

Equities in broad based gains to extend with 1.09 percent surge

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The Nigerian equities market closed up today as the NSE-all share index (ASI) gained 1.09 percent to close at 24,202.87pts. In today’s trade, market breadth index was positive with 29 gainers against 8 losers.

Caverton (+10%) was the top gainer while Lasaco (-8%) led the loser’s chart. Access Bank (+3.12%) was the most actively traded stock with about 81million units of shares worth about N546million.

Sector Performance

NSE Banking Index: Gained 2.08 percent, as a result of the buy-interests in Unity Bank (+6.12%), Fidelity Bank (+5.17%), FBNH (+4.08%), Access (+3.12%) and Guaranty (+2.42%).

NSE Industrial Index: Increased by 0.78 percent on the back of the gains in CUTIX (+9.56%) and Dangote Cement (+2.76%).

NSE Consumer Goods Index: Rose by 0.33 percent due to the gains in Unilever (+9.85%), Nascon (+4.27%), Vitafoam (+4.01%) and PZ (+1.11%).

NSE Oil & Gas Index: Gained 0.24 percent due to positive sentiment in OANDO (+2.23%).

Investment One analysts opined:

“While we believe the risk-off sentiment on the back of weak oil price as well as the impact of Coronavirus could continue to weigh in on equities market, we opine that this maybe one of the best periods to start picking some of the quality names with a medium to long term investment horizon.”

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