Equity Market Posts 0.26% Gain, Sustaining Prior Uptrend

The equity market on Wednesday gained 0.26% sustaining yesterdays uptrend. However, market breadth closed negative, recording 17 gainers against 21 losers. 

In summary, the All Share Index (ASI) gained 96.73 absolute points, representing a growth of 0.26% to close at 37,059.21 points. Similarly, the Market Capitalization gained N34.20billion, representing a growth of 0.26% to close at N12.77trillion.

The upturn was impacted by gains recorded in medium and large capitalized stocks, amongst which are; 

ACCESS (+3.96%), 

FIDSON (+2.81%), 

STANBIC (+2.24%), 

ZENITHBANK (+1.95%),

UBA (+1.28%), 

DANGSUGAR (+1.25%),

NB (+1.10%) 

GTB (+0.22%).

Foreign Exchange

The Naira at the inter-bank market closed at N305.75 against the US Dollar, representing a marginal depreciation against previous close. The Investors and Exporters (I&E) FX window opened at N361.38 and closed at N359.60. A total of $100.29 million was transacted. 

We expect the FX market to trade within existing range in the next session.

Money Market

OBB and O/N rates closed at an average of 24.17% and 25.17%, representing an uptrend from Tuesday’s closing position of 18.00% and 18.58% respectively.

The CBN conducted an OMO auction today to mop up excess liquidity, selling a total of N580 million of 183-day maturities and N57.70 billion of 344-day maturities at a stop rate of 17.95% and 18.55% respectively.

We expect money market to trade with existing volatility in the next session. 

Also, find in the ‘link‘ Corporate Benefits & Relevant Dates reported thus far in 2017 below:

https://brandspurng.com/equity-market-posts-0-26-gain-sustaining-prior-uptrend/

Share on Google Plus