December 14, 2016/Cordros Research
- The Nigerian equities market extended gains for the fifth consecutive session. Surpassing yesterday’s gain, the ASI advanced by 1.29% to close at 26,407.64 points. Extended gains in oil and gas names filtered into today’s session and contributed significantly to the positive performance.
- Today’s bullish performance increased the Month-to-Date gain to 4.28% and reduced the Year-to-Date loss to 8.06%.
- With majority of the indices closing in the green, the Oil & Gas (+4.37%) index recorded the most notable gain, followed by the Banking (+2.30%) index, as investors bought into TOTAL (+0.02%), SEPLAT (+6.71%), ZENITHBANK (+1.12%) and GUARANTY (+2.98%) respectively. Likewise, the Industrial Goods (+0.98%) and Insurance (+0.47%) indices closed higher on the back of price appreciations in DANGCEM (+1.86%) and MANSARD (+1.84%). However, the Consumer Goods (-0.67%) index closed in the red, following selloffs in UNILEVER (-2.53%) and NB (-1.35%) respectively.
- Market breadth was positive, with 31 gainers versus 11 losers. Total volume traded declined by 45.47% to 205.40 million shares, valued at N4.28 billion and traded in 3,275 deals.
- We expect investors to remain upbeat in tomorrow’s session.
