Moderate bargain pushes market higher for fourth day

The equities market closed yesterday on a positive note, as Nigerian Stock Exchange [NSE] All Share Index [ASI] appreciated by 0.29 per cent to close at 31,495.73basis points, compared with the 3.10 per cent appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 9.12 per cent.

Market breadth however closed negative as PZ led 19gainers against 27 losers topped by Flourmills at the end of yesterday’s session- an improved performance when compared with previous outlook.

Market turnover closed positive as volume climbed by 58.34 per cent against 49.70 per cent decline recorded in the previous session. Continsure, First Bank and Guaranty were the most active to boost market turnover. Guaranty and Zenith Bank topped market value list.

Volume shockers included Caverton which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.

In July there have certainly been more bears than there were bulls. In fact, the Nigerian stocks scraped out one gain out of the first 12 days of trading thus losing over N600 billion in market in value.

However, despite the gloom, there were still some five stocks who came out shining. They include :Beta Glass Company plc [21.13 per cent] Caverton Offshore Support Group Plc [17.84 per cent] Etranz [13.21 per cent], Neimeth International Pharmarcy plc [9.35 per cent] Ikeja Hotel plc [6.30 per cent]