The equities market after nine consecutive days of losses caught a break from the bears as the NSE All Share Index gained 0.22%. As such, the Year-to-date return stands at -10.91%. Volume traded took a similar disposition, advancing 37.04% while the value of transactions declined by 5.01%.
Leading the rally for the midweek recovery was STERLNBANK. The financial service provider posted a gain of 5.71% to close at N0.74. Oil & gas player OANDO (+5.00%) followed, trailed by FLOURMILL (+4.99%), PZ (+4.90%) and FIDSON (+4.62%).
Analysis by sector shows all indices posting gains asides NSEOILG5 which declined by 1.22%. As for the gainers NSEBNK (0.75%), NSEFBT10 (0.60%), NSEINS10 (0.15% ) and NSEIND (0.10%) all posted positive results.
Investor sentiment, as perceived from market breadth (1.73x) improved on the back of nineteen gainers as against eleven decliners.
As for the converse list, FO shed 6.19% to close at N70.00 while JBERGER (-5.00%), AFRIPRUD (-4.32%), TOTAL (-4.14%), and LIVESTOCK (-2.63%) followed accordingly.
Outlook for the week still stands with no major developments to immensely sway investor sentiment. Bargain hunting on large cap stocks is mainly attributed to the market performance today.
