February 2, 2017/Cordros Research
- The bulls resurfaced on the domestic bourse, with the All Share Index climbing by 0.13% to 25,936.24 points.
- Today’s positive performance trimmed the Month-to-Date and Year-to-Date losses to 0.38% and 3.49% respectively.
- The Banking (+0.86%), Insurance (+0.60%), and Consumer Goods (+0.02%) indices closed higher, following demand for the following names: ZENITHBANK (+1.36%), GUARANTY (+0.64%), AIICO (+1.69%), CONTINSURE (+4.72%), GUINNESS (+4.23%) and CADBURY (+0.11%) respectively. On the flip side, the Oil & Gas (-1.56%) index shed weight, owing to selloffs in FO (-9.74%) as investors continue to react to its unimpressive FY-2016 earnings which was released earlier in the week. The Industrial Goods index closed flat.
- Market breadth was positive, with 20 gainers versus 17 losers. Total volume traded increased by 16.22% to 354.50 million shares, valued at N1.72 billion, and exchanged in 2,760 deals.
- Corporate Release: Q3-2016 earnings; NNFM (PAT: -153.92% y/y).
- We expect bearish sentiment to resurface in the coming session.
