Februay 23, 2017/Cordros Research

• The Nigerian equities market rebounded, with the All Share Index recording its largest gain (0.64%) since 9th January 2017 (1.25%) to close at 25,409.06 points, following buying interest across major sectors.

• Today’s positive performance pared the Month-to-Date and Year-to-Date losses to 2.41% and 5.45% respectively.

• The Banking (+1.40%) index recorded its first gain of the week, bolstered by rallies in GUARANTY (+3.92%) and UBA (+3.16%). Firing on, the Consumer Goods (+1.36%) index benefitted from sustained interest in GUINNESS (+4.81%) and NB (+3.08%). Still on the positive, price increases in MOBIL (+3.30%) and CCNN (+3.13%) buoyed the Oil & Gas (+0.28%) and Industrial Goods (+0.05%) indices. The Insurance index, however, closed flat.

• Market breadth improved, albeit negative, with 13 gainers versus 15 losers. Total volume traded increased by 23.85% to 146.71 million shares, valued at N1.75 billion, and traded in 2,563 deals.

• We expect today’s gain to be sustained in the coming session.

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