Nigerian Bourse Ends 6-Day Losing Streaks with Moderate Gain
The Nigerian local bourse on Tuesday put an end to six days consecutive of losing streaks as investors gain N2.54 billion ahead of August inflation data expectation.
Today’s rally was fuelled by the price appreciation in VITAFOAM, WAPCO, ZENITH BANK and 11 others, resulting in moderation in stock market year to date losses.
The Nigerian Exchange has been on slowdown since the past week due to low investors’ sentiment despite interim dividend declaration by some of Nigeria’s dividend aristocrats.
The All-Share Index rose by 4.88 basis points or a 0.01 per cent increase to close at 38,920.50 while the market capitalization gained ₦2.54 billion to close at ₦20.278 trillion.
Also, the market activities were mixed as the total volume traded rose by 13.62 per cent, while the total value traded dipped by 25.63 per cent. A total of 22.48 million units of shares valued at ₦1.88 billion were traded in 3,376 deals.
WEMABANK led the traded stock in terms of volume, accounting for 20.47 per cent of the total volume of trades, followed by ACCESS (12.36%), UBA (7.78%), MBENEFIT (7.55%), and FIDELITYBK (8.48%) to complete the top five on the volume chart.
Meanwhile, ACCESS emerged as the most traded stock in value terms, with 14.02 per cent of the total value of trades on the exchange.
UPDC however led the advancers’ table with price appreciation of 9.93 percent, trailed closely by ACADEMY (8.33%), VITAFOAM (3.88%), WAPCO (2.27%), HONYFLOUR (1.82%), FIDELITYBK (1.67%), UCAP (0.62%), ZENITHBANK (0.42%), FLOURMILL (0.35%) and 5 others.
On the other hand, SOVRENINS topped the decliners’ chart as its share price declined by 7.41 per cent to close at ₦0.25, as UACN (-4.85%), AFRIPRUD (-3.17%), DANGSUGAR (-1.70%), WEMABANK (-1.30%), TRANSCORP (-1.10%), UBA (-0.65%) and GTCO (-0.37%) amongst others also decline in price.
However, the market breadth closed negatively, recording 14 gainers and 21 losers.
In a market report, Afrinvest said the performance was mixed across sectors under its coverage as 3 indices lost, 2 gained, while the AFR-ICT index closed flat. The Insurance index led the laggards, down 0.8% due to selling pressure on LINKASSURE (-1.7%) and MBENEFIT (-3.3%).
Similarly, the Oil & Gas and Consumer Goods indices dipped 0.4% and 0.1% respectively on the back of losses in OANDO (-2.3%) and DANGSUGAR (-1.7%). Meanwhile, the Industrial Goods and Banking indices advanced 0.1% apiece as a result of price appreciation in WAPCO (+2.3%) and ZENITH (+0.4%).
“In the next trading session, we anticipate a negative performance as the market remains short of a positive catalyst”, analysts at Afrinvest said.
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Nigerian Bourse Ends 6-Day Losing Streaks with Moderate Gain
