Investors Gain ₦55.2bn as Nigerian Stock Exchange Maintains Uptrend

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Investors Gain ₦55.2bn as Nigerian Stock Exchange Maintains Uptrend

Investors Gain ₦55.2bn as Nigerian Stock Exchange Maintains Uptrend

Equities investors gained ₦55.2bn as the Nigerian Stock Exchange (NSE) maintains uptrend for the second day in the week.

Stock market closed positive on account of buy interest in GUARANTY (+5.4%), ZENITH (+1.7%) and ACCESS (+1.2%).

This drove the benchmark index higher by 30 basis points (bps) to 35,147.62 points.

Consequently, market capitalisation rose to ₦18.4 trillion while year to date return improved to 30.9%.

Activity level waned as volume and value traded fell 25.8% and 30.5% to 308.2m units and ₦3.4bn respectively.

The most traded stocks by volume were ACCESS (43.4m units), FBNH (31.9m units) and MBENEFIT (24.4m units).

Meanwhile GUARANTY (₦859.2m), SEPLAT (₦431.9m) and ACCESS (₦376.5m) led by value.

Performance across sectors was bearish as 3 of the 6 indices under Afrinvest’s coverage declined.

The Banking and Oil & Gas indices gained, up 2.3% and 0.2% respectively, following price appreciation in GUARANTY (+5.4%), ZENITH (+1.8%) and SEPLAT (+0.4%).

Conversely, the Insurance, AFR-ICT and Consumer Goods indices lost, down 1.2%, 0.1% and 0.1% respectively.

This was due to sell-offs in CORNERSTONE (-10.0%), MTNN (-0.1%) and GUINNESS (-2.9%) respectively.

Market data shows that the Industrial Goods index closed flat.

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Investors sentiment measured by market breadth strengthened to 0.8x from the 0.6x recorded in the previous session as 16 stocks gained against the 21 that declined.

Market data shows that CAVERTON (+9.9%), CUTIX (+9.8%) and AIICO (+9.8%) led the top gainers.

Meanwhile CORNERSTONE (-10.0%), CHIPLC (-9.7%) and PRESTIGE (-9.1%) led the decliners.

“We expect the mild gains in the equities market to be sustained this week”, Afrinvest stated.

In a related development, the Nigerian local currency remain stable at the official market.

Investors Gain ₦55.2bn as Nigerian Stock Exchange Maintains Uptrend written by Ogochi Ndubuisi.