Stocks Rise N103.2 Billion as NGX Extends Bullish Run

Stocks Rise N103.2 Billion as NGX Extends Bullish Run

Stocks rise N103.2 billion as Nigerian Exchange extends bullish run to third consecutive trading sessions as Atlass Portfolios sees investors continuous move to rebalance their portfolios ahead of the first half 2021 earnings release season.

The market ASI and market cap consequentially grew by 0.52 per cent, respectively, with the positive sentiment on the bourse driven by tickers in the financial services sector.

Data shows that stock market breadth continues to remain positive, with 29 gainers versus 11 losers. Today’s market activities ended with both the volume and value of trades appreciating by 2.23 per cent and 29.40 per cent, respectively.

A total of 288.92 million units of shares valued at N2.41 billion, were traded in 4,540 deals.

FIDELITYBK led the volume chart, accounting for 14.59 per cent of the total volume of trades, followed by FBNH (11.24%) UBA (7.89%) ACCESS (4.77%), and WEMA (4.05%) to complete the top five on the volume chart.

The Nigerian Exchange data shows that SEPLAT led the value chart accounting for 17.33 per cent of the total value of trade on the bourse.

Meanwhile, MAY BAKER, UAC-PROP and TOTAL led the gainers’ chart, with their share prices advancing by 9.65 per cent, 9.57 per cent, and 9.24 per cent, respectively.

ETERNA topped the losers’ table with its share price depreciating by 9.73 per cent to close at N6.77 after opening the day at N7.50.

Sector Performance

Afrinvest said in a market report that performance across sectors under its coverage was bullish as 4 of 6 indices closed in the green. The Oil & Gas and Banking indices rose 4.9% and 3.3% respectively following buying interest in SEPLAT (+7.1%), TOTAL (+9.2%), ZENITH (+2.9%), and ACCESS (+5.1%).

Similarly, the Industrial and Consumer Goods indices inched higher by 0.1% apiece due to price appreciation in WAPCO (+1.4%), FLOURMILL (+1.2%), and VITAFOAM (+1.3%).

Conversely, the Insurance index was the lone laggard, down 0.3% on account of sell-offs in LINKASSURE (-9.4%) and WAPIC (-5.1%) as the AFR-ICT index closed flat.

“We expect the market to sustain its positive performance as investors’ position ahead of the H1:2021 earnings result”, Afrinvest said.