January 9, 2017/Cordros Research
- The Nigerian equities market started the week on a bullish note, advancing by 1.25%; the All Share Index closed at 26,580.22 points.
- The All Share Index recorded its first back-to-back gains this year following Friday’s gain of 0.15%.
- The Banking (+4.04%) index recorded the biggest gain, following buying interest in ZENITHBANK (+4.87%) and GUARANTY (+4.50%). Similarly, gains recorded in CONTINSURE (+5.00%) and DANGCEM (+1.20%) buoyed the Insurance (+0.33%) and Industrial Goods (+0.59%) indices. On the flip side, the Oil & Gas (-0.27%) and Consumer Goods (-0.18%) indices shed weight, following selloffs in FO (-0.26%), OANDO (-2.99%), CADBURY (-4.95%) and 7UP (-5.00%) respectively.
- Market breadth was positive, with 20 gainers versus 16 losers. Total volume traded increased by 4.20% to 219.03 million shares, valued at N1.41 billion and traded in 3,423 deals.
- We expect the bullish sentiment to persist in tomorrow’s session.
