Views from the Trading Desk The Market closed down in today’s session, with the ASI and Mkt Cap declining by 87bps to close at 37,554.72 and N11.893tn respectively. Activity levels declined by 64% to 424m units, in the absence of the big trades we saw on Transcorp shares (940m units) in yesterday’s trading session. Value of trades was up 5% to N4.537bn (US28.12m, +5%). Forte Oil and Conoil emerged top gainers in today’s session, both advancing by 10% to close at N39.60 and N33.67 respectively. MRS followed closely, advancing by 9.98% to close at N30.30. The three oil marketing companies have appreciated by 61%, 46% and 45% respectively in the last one week. At the other end of the pricelist, Royal Exchange and CCNN made the top 5 losers’ list, after shedding 9.68% and 9.19% to close at 56 kobo and N8.60 respectively. Across the broad sectors, the NSE Banking index was the worst performer after shedding 3.88% today. This is due to the negative reaction to the MPC’s decision to raise CRR on public deposits to 50%, which saw all the banks with the exception of Stanbic close down today. The NSE Insurance and Industrial indices also lost 1.66% and 44bps, while the NSE Oil & Gas and Consumer Goods indices gained 1.34% and 94bps respectively.
Posted on: Wed, 24 Jul 2013 17:09:09 +0000
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