Market Outlook The general market outlook at today’s session was neutral as the Nigerian Stock Exchange All-Share index (NSEASI) extended gains experienced in the last trading session by a marginal 4bps. Except for GTB, Zenith, Access and Nestle that traded values above US$1million, most trades were done in thin volumes. The NSE OILG index marched 169 bps higher as Oando and Total both appreciated by more than 3% to lead the sectoral indices. The NSE FBT-10 index also closed on positive territory appreciating 15bps on the day due to strong price movements in Unilever, Honeywell flour, PZ and Nascon. Meanwhile, the Banking sector was off 10bps due to losses in most second tier banks. In the broad market, the NSEASI appreciated 4bps to close at 36,158.22 while value and volume traded gained 9.4% and 6.8% respectively from last trading session. The exchange has changed its plan to launch the new trading platform, X-Gen, tomorrow. We believe the launch will take place by Wednesday next week which will come as a relief to those planning to adjust positions for end of month/quarter. The trader expects minor rally at tomorrow’s session as positive sentiments from the West spills towards Africa.
Posted on: Thu, 26 Sep 2013 16:26:17 +0000
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