Daily Market Summary: Joy for oil and gas stocks

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Market breadth closes at 0.54x

• The year to date return on the bourse settled below five per cent as the NSEASI shed 25 basis points in the session.
• A total of 266.70 million (-5.18%) shares worth NGN4.67 billion (+14.23%), were exchanged in 3,721 (-13.55%) deals.
• IKEJAHOTEL witnessed an uptick of 980 basis points to top the gainers’ list once again.
• UACN-8.52% however closed as the top laggard for the day.
• Barring the marginal advancement of the NSEOILG5+0.08% index, all NSE sector indices closed lower. Bearish sentiments were strongest on the consumer goods sector index.

Why stocks are down

• The Nigerian bourse closed lower for the third session this week.
• We expect bargain-hunters to provide a respite from the extended negative sentiments on fundamentally justified counters.

Oiland Gas Sector:MRS saves the day

The NSEOILG5 index gained marginally by 8bps following the return of positive sentiments on MRS+4.87%.

As a result, the YtD return on the index closed higher at +5.65%.

The bears had a grip on JAPAULOIL-3.57% and OANDO-3.80% while other tickers traded sideways.

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Contact Morgan Capital for more information. Email: [email protected]

www.morgancapitalgroup.com