Equities market halts three-day losing streak

The equities market closed yesterday on a positive note, as Nigerian Stock Exchange [NSE] All Share Index [ASI] appreciated by 0.28 per cent to close at 33,556.35 basis points, compared with the 0.09 per cent depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 3.18 per cent.

Market breadth closed negative as PZ led 16 gainers against 24 losers topped by Red Star Express at the end of yesterday’s session- an unimproved performance when compared with previous outlook.

Market turnover also closed negative as volume declined by 73.81 per cent against 160.08 per cent uptick recorded in the previous session. UBA, Unilever and First Bank were the most active to boost market turnover. Unilever and Nigerian Breweries topped market value list.

Volume shockers included GlaxoSmithKline, which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.

Meanwhile, the Debt Management Office [DMO] in its next monthly auction of FGN bonds seeks to raise N80billion (US$410m), targeting a little higher in the circumstances.

This would fall within the range of between N55billion and N85billion set in its provisional issuance calendar for second quarter of 2015.