Daily Market Summary: Why stocks are up

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Market breadth closes at 3.00x The bulls outran the bears for the second day running, hoisting the NSEASI by 246 basis points. Accordingly, the Year to date return on the bourse moved closer to the green at -1.02%, from its previous close of -3.38%. A total of 339.68 million (+8.03%) shares worth NGN5.96 billion (-15.20%), […]

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Market breadth closes at 3.00x

The bulls outran the bears for the second day running, hoisting the NSEASI by 246 basis points.
Accordingly, the Year to date return on the bourse moved closer to the green at -1.02%, from its previous close of -3.38%.
A total of 339.68 million (+8.03%) shares worth NGN5.96 billion (-15.20%), were exchanged in 4,436 (-26.26%) deals.
Total market capitalisation closed at NGN13.71 trillion.
Conoil Plc. CONOIL declared a final dividend of 200 kobo.
This represents a dividend yield of 6.29% at its close price of NGN31.80 today.
Despite the negative close on the NSE oil and gas index, OANDO+9.84% outperformed to close as the best performing counter in the session.
Contrarily, HMARKINS -6.67% pared the most to settle at 28 kobo.
Four out of five NSE sector indices finished in the green.
The NSEIND+3.21%, NSEBNK10+3.19%, NSEFBT10+2.70%, and NSEINS10+0.24% indices recorded upticks, leaving the NSEOILG5-0.56% index as the sole loser.

Why stock are up

Gains were buoyed by the reinvigoration of investor confidence, as portrayed by the hike in market breadth to 3.00x.
In line with this, a total of forty-two stocks, including bellwethers; DANGCEM+2.24%, ZENITHBANK+4.04%, andNB+5.00% closed higher.