Daily Market Summary: Oil & Gas stocks in high demand

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Market breadth closes at 1.24x Investors trooped into the oil and gas space, overturning the negative sentiments witnessed in the last session. The greatest buying pressure was on SEPLAT+8.14% which closed at NGN769.00. 48 million (-43.39%) shares valued at NGN5.19 billion (+33.57%) were traded, and with a positive impact on the NSEASI, which inclined by […]

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Market breadth closes at 1.24x

Investors trooped into the oil and gas space, overturning the negative sentiments witnessed in the last session.
The greatest buying pressure was on SEPLAT+8.14% which closed at NGN769.00.
48 million (-43.39%) shares valued at NGN5.19 billion (+33.57%) were traded, and with a positive impact on the NSEASI, which inclined by 83 basis points.
The banking sector witnessed a reversal of sentiments, with sell-offs on some bellwethers.
ZENITHBANK-0.37% moderated to NGN27.20 while GUARANTY pared 0.24% to NGN41.50.
The NSEBNK10 index shed 4 basis points at the close of trades.
DANGCEM+1.36% single-handedly placed the NSEIND+0.49% index in the green.
In contrast, investors were bearish on WAPCO-0.13% and neutral on other stocks in the industrial goods sector.

Our opinion

Based on our analysis of today’s trades, we attribute the gains recorded on the NSEASI to the improvement in the demand for some large cap stocks across sectors (SEPLAT, DANGCEM, NESTLE).

The number of gainers (26) to losers (21) indicates some degree of fragility in the current positive momentum.

Contact Morgan Capital for more information.

Email: [email protected]