Equities market closed on a negative note yesterday as NSE ASI depreciated by -0.17% to close at 25,288.11 basis points, as against +0.49% appreciation recorded previously. Its Yearto-Date (YTD) returns currently stands at -5.90%. Market breadth closed positive as African Prudent led 16 Gainers against 15 Losers topped by 7UP at the end of yesterday’s sessionan improved performance when compared with previous outlook. Market turnover closes negative as volume moved down by 54.11% against 91.62% uptick recorded in the previous session. Transcorp, Diamond Bank and FCMB were the most active to boost market turnover. GTB and Access Bank topped market value list. Firs Aluminum leads the list of active stocks that recorded impressive volume spike at the end of yesterday’s session The Nigerian stock market’s indices continued its high volatility at the mid-week’s trading session to close positive and reverse the previous day’s down market as first quarter reports released so far. Figures from Forte Oil and Unilever in particular seem impressive enough to rekindle demand for stocks, while United Capital’s numbers for the same period were flat and below market expectations thereby affecting short-term position taking in the stock as pullback is evident. There is increasing activities of smart money and other investors as Q1 numbers trickle to the market ahead of the April 30 deadline for submission of quarterly reports ended march 31 2017. The volume index stood at 0.94, while buying position was 100% and selling volume, 0% of the day’s total volume traded, which reveals investors’ positive sentiments to company earnings. The oil price in the international market pulled back as US bloated oil supplies weighed down on the markets, while a fall in Saudi crude exports was offset by rising production. Regardless of the seeming recovery of the dollar after hitting three weeks low, geopolitical concerns about North Korea and fear ahead of French presidential election lent support to the safe haven investment windows especially as prices of gold drop. These have made major markets of the world to close lower. Meanwhile, the composite NSE All Share Index gained 124.70 basis points to close at 25,331.77 from an opening figure of 25,207.07, representing a growth of 0.49% on above the average volume traded, but lower when compared to the previous day’s volume. Similarly, market capitalisation for the day was up by N43.15bn to close at N8.81tr, from an opening value of N8.77tr, which represented 0.49% growth in investors’ portfolios. Appreciation recorded in the shares of Zenith Bank, Guaranty Trust Bank, Access Bank, FBNH, Nestle and PZ impacted the All Share index to reduce year-todate negative position to 5.74%, while market capitalisation adjusted to N481.83bn, representing a 5.21% loss YTD, from the year’s opening value. Market breadth for the day was positive but weak as the number of advancers outpaced decliners in the ratio of 15:13 to halt previous-day’s trading session of bear market. Market activity in volume and value were up by 110.8% and 24.9% respectively to 322m shares from previous day’s 152m shares, worth N1.53bn from previous day’s N1.22bn. The volume of transaction was driven by shares of Law Union Insurance, Diamond Bank, Zenith Bank, Transcorp and FBN Holdings as most traded equities.

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