The Nigeria Equities Market performance index today threaded the green zone, riding on the wings of strong zeal of investors taking advantage of low priced equities. Recall that the market recently passed through long bearish season which knocked most active equities prices down to attractive regions. This fact stands out as major performance booster in today’s transaction.
Today’s trading activities produced 19 advancers and 21 lagers. NSEASI YtD return is currently -4.26% while the Market Capitalization YtD returns stood at –N432.593 billion.
Standing tall on the gainers’ log is Ikeja Hotel which added N0.09/5.00% to its previous close price. Please note that by our standard, this stock do not qualify for traders’ portfolio as it runs a negative beta value (-0.27). Uac-Property followed on the log with 4.84% price appreciation (beta=0.74), Inter Breweries, Dangote Flour and Wema Bank completed the top five gainers for the day.
Volume Index for today is 1.43 as buy volume and sell volume is estimated at 100% and 0% respectively. Although this is an impressive performance, we do not see the market sustaining the move.