Stocks Climb Further as Investors Sustain Buying Momentum
Rising more than N25 billion, the Nigerian stocks climb further on Wednesday amidst an ongoing rally as investors sustain buying momentum. Halting the previous gyration at the local bourse, today’s outturn marks the fifth positive trading session as the market performance indicators grew by 0.12 per cent.
Stock market growth was driven by buy-interest in Banking and Industrial Goods sectors, analysts at Atlass Portfolios said in a report. The All-Share Index rose by 48.54 basis points, a 0.12 per cent increase to close at 40,765.20 points. Similarly, market capitalization gained ₦25.29 billion to close at ₦21.24 trillion.
However, the market activities were mixed, as the total volume traded dipped by 7.47 per cent, while the total value of trades rose by 11.33 per cent. A total of 400.65 million units of shares valued at ₦3.48 billion were traded in 5,145 deals.
FBNH outdid the traded stocks in terms of volume, accounting for 27.14 per cent of the total volume of trades, followed by TRANSCORP (9.90%), ETI (8.18%), UBA (6.31%), and FIDELITYBK (4.97%) to complete the top five on the volume chart.
Also, FBNH appeared as the most traded stock in value terms, with 30.83 per cent of the total value of trades on the exchange.
FBNH extends its top gainer spot to let the gainers’ chart with price appreciation of 7.78 percent, followed by LIVESTOCK (5.38%), AFRIPRUD (3.12%), FIDELITYBK (2.78%), UACN (2.44%), ETI (1.75%),WAPCO (0.88%), ZENITHBANK (0.63%), VITAFOAM (0.29%) and 10 others.
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On the other hand, PHARMDEKO led the decliners’ chart as its share price receded by 6.01 per cent to close at ₦2.66, as CHAMS (-4.55%), HONYFLOUR (-3.35%), UBA (-2.52%), DANGSUGAR (-1.14%), ACCESS (-1.06%), UCAP (-0.53%), GTCO (-0.35%) and OANDO (-0.19%) amongst others also declined in price.
The market breadth closed negatively, recording 19 gainers and 20 losers.
Afrinvest said performance across the sectors under its coverage was mixed as 3 indices lost, 2 gained, while the AFR-ICT index closed flat. The Insurance index led laggards, down 0.7% due to selling pressure on AIICO (-1.1%) and SOVRENIN (-4.2%).
Similarly, the Consumer Goods and Oil & Gas indices declined 15bps and 4bps respectively on the back of profit-taking in DANGSUGAR (-1.1%), HONYFLOUR (-3.4%), and OANDO (-0.2%).
Meanwhile, the Banking and Industrial Goods indices rose 6 and 5 basis points respectively due to buying interest in FBNH (+7.8%), UBN (+2.0%), and WAPCO (+0.9%). In the next trading session, we anticipate profit-taking on the local bourse as some recently appreciated bellwether stocks approach their inflection point, analysts said.
Stocks Climb Further as Investors Sustain Buying Momentum
