Market Outlook The Nigerian Stock Exchange struggled for direction at todays session as equities tried to maintain recent positive momentum to no avail. Despite the fall in heavyweight Dangote Cement (-1.31%) market index was neutral as a result of strong growth in Consumer and Oil&Gas counters. NSEOILG has appreciated 57% year to date. NSEBNK10 was however lower on the back of selling pressures in UBA, Zenith and ETI. Three out of every five stocks that changed price in the broad market closed weaker. Top worst performers were MRS, Nascon, and Oando, all losing over 1.4% each, while Forte Oil(5%), Dangote flour(4.95%) and Nigerian brew.(1.66%) led the gainers list. Among the broad market indices, NSEASI returned 38,125.91bps trading relatively flat. Activity level was the highest for the week as volume and value of transactions appreciated relative to previous figures, 511million units of shares valued at N5.65bn represents a 10% and 15% growth in volume and value respectively. In the Traders opinion, the market could trade lower as profit taking activities ensue in the coming session, however, this may be in the very short term as domestic outlook remains positive.
Posted on: Thu, 07 Nov 2013 16:27:38 +0000
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