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Equities reversed to positive outlook by 0.55%

Market reversed to positive outlook today with the number of gainers increased to 34 while losers reduced to 34 and 62 stocks retained their previous trading prices. This mark of improvement cut across all the sectors with the exception of Oil and Gas sector. The drop recorded in the oil and Gas sector was as a result of the massive sell in the shares of AP and Beco Petroleum as the other stocks in the sector closed at their last trading prices. Market improvement today could be linked to the fact that investors are taking opportunities of the previous days’ decline in prices in anticipation of another price rally. Also, the pronouncement from the CBN of possible injection of liquidity into the economy might be another reason motivating investors to make buys in the market.

All-Share market index advanced today by 0.55% reversing the decline of 0.29% recorded yesterday to close at 21,318.78.Market capitalisation appreciated by N27.41 billion as against the loss of N14.323 billion recorded yesterday to close N5.029 trillion. The NSE-30 gained 0.53% as against loss of 0.12% recorded yesterday, NSE-Banking gained further today by 1.14% as against gain of 0.31% of yesterday, NSE-Food and Beverages gained marginally by 0.07% as against 0.36% of yesterday, NSE-Insurance gained 0.13% as against loss of 1.32% of yesterday and NSE-Oil and Gas lost 0.72% as against loss of 0.76% of the previous trading day.

C AND I Leasing Plc Second quarter result: Turnover for the period grew to N4.077b from N2.382b, a record of 100.05% growth.PAT grew by 29.26% from N217.66 million to N281.326m.Working capital situation in the period dropped by 16.97% from (N5.717b)to (N5.747b) and Net asset improved by 10.73% to close at N2.383b from N2.152b

Standard Alliance Insurance Plc third quarter result: Gross premium rose by 3.54% to close at N2.455b from N2.371b of the previous quarter.PAT for the period recorded a growth of 81.65% to close at N1.673b as against N921.289m of the previous year’s second quarter. Working capital dropped by 16.64% to close at N14.238b from N17.080b and Net assets for the quarter dropped by 8.58% to N21.086b from N23.065b of the previous year’s second quarter .The company made a provision to the tune of N2.897 billion for diminution of investments in the quarter.

Glaxsmithkline Plc third quarter result: Gross earnings rose by 22.54% from N9.281 billion to 11.373b.PAT for the period under review improved by 47.63% from N1.117 to N1.649b.Working capital dropped by 39.06 to(N3.236b) from (N2.327b)of the previous year’s third quarter and Net assets for the period improved by 19.72% to close at N6.526b as against N5.451b of the previous year’s third quarter.

Top gainers for the day were: Unilever(4.99%), NNFM(4.98%), Jberger(4.97%), Diamond bank(4.4.93%), Access(4.92%), CCNN(4.88%), Costain(4.85%), Cutodyins(4.84%), Uniondac(4.76%) and Fidelity bank(4.74%). On the other hand, the following stocks emerged in the class of top ten losers at the close of trading today: Vitafoam(5%), AP and Intercontinental bank each lost (4.98%), Union bank(4.95%), Union Homes(4.93%), Asosavings(4.92%), Cornerstone(4.92%),Presco(4.85%), Oceanic bank(4.83%) and IPWA94.79%)

Goldlink Insurance Plc topped the activity chart today with 185.042 million units valued at N92.521 billion traded in 5 deals. GTB followed with 41.722 million units valued at N672.53 billion, Access bank traded 36.69 million units valued at N228.19 billion,First bank Plc traded 35.989 million valued at N506.37 billion and Aiico insurance Plc traded 34.157 million units valued at N29.672 billion. The total trades of these top five trades accounted for 47.66% of the total market volume.

Nahco, Costain, Nestle, NNFM, Uniondac, Custodyins and Royalex closed on bid today whle Capoil, Presco, Afribank,Intercontinental bank, Platinum habib bank, Interbrew, Wapco, IPWA, PZ, Niwicable, Bigtreat, Vitafoam, Afrinsure, Lawunion, Asosavings, Unionhomes, Crusader and Becopetrol closed on offer

This positive outlook is expected to continue tomorrow barring any unforeseen circumstances that may dampen investors’ confidence again. Also, with the readiness of the CBN to put in place structures for the effective takeoff of the nations asset management company, which analysts have noted as necessary for market recovery, market may persist on the positive note in the days ahead.

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