The equities market closed in green on Thursday due to the gains recorded in the Oil/Gas and Banking sectors.
Consequently the market closed positive by 0.03% as the All Share Index, NGX-ASI, closed at 51,817.59pts.
The trade operations saw the market breadth index recording positive with 18 losers against 20 gainers.
UPL (+9.79%) led the gainers, while PZ (-9.86%) was the top loser.
FBNH (+1.75%) was the most actively traded stock with about 36million units of shares worth about N424million.
Banking Index rose by 0.28% due to the gains printed in UBN(4.24%),Wema bank(+1.27%) and Jaizbank(+1.11%).
Consumer goods index fell by 0.21%, driven by the losses seen in PZ(-9.86%), Honeyflour (-7.07%) and NB(-0.34%)
Industrial index declined by 0.15%, as a result of the decline recorded in Trippleg (-8.42%) and Wapco(-2.04%).
The sectoral performances saw NGX oil and Gas increasing by 0.42%, on the back of the appreciation recorded inSeplat(+0.78%).
At the IEFX window, the Naira depreciated by 1.39%, 0.04% and 1.36% against the GBP, USD and EUR to close at N511.44, at N425.05 and N440.41 respectively.
Investment and management research analysts expect the FX market to be dictated by heightened dollar demand and CBN FX policies.
Also money market rates were mixed as Open Buy Back rate moderated by 17bps to close at 13.83%, while Overnight rate remained flat at 14.00%.
The bond market traded on a mixed note, as yields on maturities closed in different directions.
The yield on the 5yr benchmark bond closed flat at 10.71%, while the yields on the 7yr and 10yr benchmark bonds inched up by 5bps each to settle at 10.89% and 11.21% respectively.
According to analysts, “In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation. “
Investment Management & Research as well as Afrinvest analysts expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.
“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon,” Analysts said.