Equities Market Closes Northwards By 0.56%, ASI At 51,377 Pts

The Nigerian equities market on Wednesday closed Northwards by 0.56% as NGX-ASI closed at 51,377.21pts.

Also, market breadth index was positive with 16 losers against 18 gainers with Ellah Lakes recording +10.00% leading the gainers, while NNFM (-9.91%) was the top loser.

Oando (-1.38%) was the most actively traded stock with about 34million units of shares worth about N185million.

The sectoral Performances witnessed consumer goods Index rising by 0.14%, driven by the gain seen in Flour Mill (+2.81%).

Banking Index on the other hand dipped by 0.61%, due to the sell-offs printed in ETI (-5.94%), Fidelity Bank (-1.79%) and Zenith Bank (-0.65%).

Similarly, the industrial index fell by 0.28%, as a result of the loss seen in Bua Cement with -3.16%.

The oil and gas index declined by 0.19%, on the back of the loss recorded in Oando (-1.38%).

The equities market on the other hand closed positive due to the gains recorded in Dangcem, MTNN and the Consumer Goods sector.

ALSO READ:Food prices Still Rising – NBS

Analysts at the Investment Management & Research expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space, moving forward.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon,“ the analysts said