THE NIGERIAN equities market
closed on a positive note yesterday,
as NSE ASI appreciated by +1.05%
to close at 27,900.44 basis points,
as against +0.35% appreciation
recorded previously. Its Yearto-
Date (YTD) returns currently
stands at +3.82%.
Market breadth closed positive
as Oando led 25 Gainers against
13 Losers topped by C.I. Leasing
at the end of yesterday’s sessionan
improved performance when
compared with previous outlook.
Market turnover closes negative
as volume moved down by 34.74%
against 15.17% downtick recorded
in the previous session. Access
Bank, GTB and Law Union were
the most active to boost market
turnover. GTB and Access Bank
topped market value list.
Law Union leads the list of active
stocks that recorded impressive
volume spike at the end of
yesterday’s session.
It was a mini volatile session
during Tuesday’s trading on the
Nigerian Stock Exchange as the
benchmark index opened sharply
low in the early hours, but rose
sharply by mid-day to close higher.
Discerning investors saw mouthwatering
intrinsic value in the
share price of companies adjusted
for dividend, which subsequently
regained the amount deducted from
their prices. Investors particularly
rekindled interest in consumer
goods and banking stocks, despite
the ongoing profit taking mode to
reverse the two day down trend.
Both sectors are generally considered
by the investing public as guiding
indicators in assessing economic
activities and conditions.
Also positive news that Inflation
figures slowed down marginally
for the third consecutive month to
17.24% in April as released by the
National Bureau of Statistics on
Tuesday before market close, helped
to boost the rebound. The NBS data
showed that Consumer Price Index
or inflation growth rate for April
2017 rose by 0.02% points to 17.24%
compared to 17.26% recorded in
The concerns for many investors
now, is that government should
expedite action on faithful
implementation of the already
delayed budget by signing it into
law, except there is any compelling
reason to go otherwise, thereby
allowing the economic managers
swing into action. This would go a
long way to support the economic
recovery efforts that have so far been
driven by the Central Bank of Nigeria
(CBN) in the form of structural
reforms and fiscal stimulus-driven
growth that will move the economy
out of recession in no distant time.
At this point everyone stakeholder
must commit to making the Federal
Government’s Economic Recovery
and Growth Plan (ERGP) work to
deliver the set goals.

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