Investors push for earnings sustains bullish trend as ASI gains 0.22%

As investors continue to take position for dividend or price appreciation, the demand continues to pitch against demand in the equities market.

The Nigerian equities market sustained its uptrends as ASI advanced by +0.22% on Tuesday March 06. The market closed bullish following the gains in Oil & Gas and Consumer Goods sectors.

In the absence of any catalyst, analysts have projected the market to remain volatile in the near term as investors continue to take positions in this earnings season. “Nonetheless, we advise entry into our quality names for investors with a medium to longer term horizon” pointed investmentOne.

However, market breadth index closed negative with 26 stocks gaining against 29 stocks that declined. UNILEVER with +10.17% gain was the market best performer while REGALINS which dropped by -9.09% led the decliners table.
STERLNBANK, which dropped by -4.57%, topped the market in terms of volume with 102million units of shares worth N191million traded by investors

NSE Oil and Gas Index was the best sector performer with 1.44% gain , driven by the buy interest in SEPLAT which appreciated by 3.29%.

The NSE Consumer Goods Index followed with 0.94%, propelled by gain 10.17 per cent gain by UNILEVER,10.17% gain by DANGSUGAR,4.90%) and FLOURMILL 4.69% appreciation.
NSE Industrial Index inched up by +0.01% following the gain in CCNN’s 0.76% appreciation.

However, the NSE Banking Index closed down negative by -0.33%,, driven by the sell-off in STERLNBANK which lost -4.57%, ACCESS bank which declined by -2.23%, GUARANTY deprecated by 1.72% and FCMB 0.40% loss.

Stories: Bonny Amadi

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