The Nigerian stocks market yesterday recorded marginal gain of 0.01 per cent to halt three successive sessions of closing negative, which was majorly impacted by gains in the Banking sector.
Also, Wema Bank was the most active stocks as it traded 1.7 billion shares, valued at N1.28 billion.
The All Share Index (ASI) gained by 4.05 absolute points, representing an increase of 0.01 per cent, to close at 30,833.50 points. Similarly, market capitalisation increased N2 billion, to close at N11.594 trillion.
Indicative of the weak gain, only Banking index closed in positive territory, rose by 0.36 per cent on share price gain of Wema Bank Guaranty Trust Bank, United Bank of Africa (UBA) and FBN Holdings.
Analysts at Afrinvest Limited stated that “Despite yesterday’s mild uptick in performance, we maintain a conservative outlook for today’s trading session as investor sentiment remains weak. However, we opine that the lingering bearish sentiment continue to present attractive opportunities for investors to take position.”
However, the market breadth remained negative, with 14 gainers versus 17 losers. CI Leasing recorded the highest price gain of 9.90 per cent, to close at N7.99, per share. NASCON followed with a gain of 9.89 per cent to close at N20, while Presco appreciated by 9.68 per cent, to close at N68, per share.
Wema Bank went up by 9.59 percent, to close at 80 kobo, while Associated Bus Company rose by 8.16 per cent to close at 53 kobo, per share. On the other hand, Sovereign Trust Insurance led the losers’ chart by 9.09 per cent, to close at 20 kobo, while Union Bank of Nigeria followed with a decline of 7.04 per cent to close at N6.60, per share.
