Markets reverse trend as NSE gains 1.07 percent...Naira up vs dollar

Markets reversed their bearish trend today with the NSE-ASI gaining by 1.07 percent, while the naira advanced by 65 basis points to close at N164.50 per USD against N165.57 per USD on Friday.  

The acting central bank of Nigeria (CBN), Mrs Sarah Alade, held a press conference to assure investors that the apex bank will continue in its goal of achieving price stability. A RDAS (reverse dutch auction was held today in defence of the naira. 

The bulls outweighed the bears today as the equities market reversed the bearish trend that dipped the index in the last two trading days of the 

previous week following the news on Sanusi's suspension. 

NSEASI Advanced 411.40pts to gain 1.07 percent pegging YtD at -6.34 percent, Market capitalization 

climbed 1.07 percent, while Volume and Value traded declined 35.19 percent and 11.43 percent respectively. 

Ex-DANGCEM the market expanded 1.10 percent.

Sectoral indices as measured by the NSE indicate that the Banking index led the gains with 2.60 percent, followed by NSE30 and NGEOIG5 with 1.16 percent and 1.07 percent in that order, while the insurance index declined 1.38 percent.

The advancers cart was dominated by the banking stocks as UBA (8.66 percent), DANGSUGAR (7.91 percent), FBNH and DIAMONDBNK (4.92 percent) took the lead.