Markets
Nigerian equity market recovers by 0.1%
The Nigerian stock market reversed previous day loss as it gained 0.1% to close at 47,272.04 points on Thursday due to appreciations in SEPLAT, GTCO, and NGXGROUP.
The year-to-date return advanced to 10.7% from 10.5% on Wednesday, while market capitalisation rose ₦34.9bn to ₦25.5tn.
Trading activity improved as volume and value traded increased 47.7% and 10.4% respectively to 340.7m units and ₦3.9bn.
The Oil & Gas and Insurance indices inched higher by 3.9% and 1.0% respectively on the back of buying interest in SEPLAT (+7.5%), AIICO (+1.5%), and MBENEFIT (+3.9%). Similarly, the AFRICT index rose 1bp due to gains in COURTVILLE (+3.9%).
Conversely, the Consumer Goods and Banking indices dipped 0.6% and 0.3% respectively driven by sell pressure on INTBREW (-4.6%), FLOURMILL (-3.6%), ACCESS (-1.0%), and UBN (-1.6%).
The Industrial Goods, however, closed flat.
Analysts at Afrinvest projected that in the final trading session for the week, there would likely be profit-taking in the market due to the weakened investor sentiment.
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