Stocks appreciate by 0.93%

Investors remain bullish for the second day running, as the All share index (ASL) appreciated by 0.93% to close 28,205.62 basis points, despite the negative reaction that trailed the increase in Monetary Policy rate from 12 to 14 percent by the Central Bank of Nigeria (CBN) on Tuesday.

Market turnover closes positive as volume moved up by 70.52% against 24.25% decline recorded in the previous session. FBNH, UBA and ACCESS were the most active to boost market turnover. DANGCEM and GUARANTY top market value list.

Market breadth closed positive as OKOMUOIL led 24 gainers against 23 Losers topped by REDSTAREX at the end of today’s session- an unimproved performance when compared with previous outlook.

Okomuoil performance came on the heel of reported Q2 2016 results which showed that sales of N4.2bn were up 64% y/y while PBT and PAT grew by wider margins of 139% y/y and 147% y/y respectively to N2.3bn and N2.0bn. The strong sales growth was mainly responsible for the growth in earnings.

MOBIL leads the list of active stocks that recorded impressive volume spike at the end of today’s session.