Nigerian Bourse Adds Weight over Sustain Rally
The equity market tracked higher on Thursday; market capitalisation remained above N30 trillion benchmark after strong demand for some value stocks pushed the index forward.
The ongoing rally in the local bourse was spurred by a pro-market speech by the new president. The buying momentum extended positive sentiment to four consecutive trading days.
As a result, stock market performance indicators rose by +0.07%. Specifically, market records detailed that year-to-date return surged to 8.89%. According to Atlass Portfolios Limited, investors’ wealth has increased by ₦1.63 trillion in four days.
The market index or All-Share Index advanced by 38.97 basis points, representing a rise of +0.07% to close at 55,808.25. However, stockbrokers said market activities were down.
Yesterday, the total volume and total value traded for the day were reduced by -41.01% and -69.85%. Approximately 390.22 million units valued at ₦5,727.42 million were transacted in 7,725 deals.
ACCESSCORP was the most traded stock in terms of volume, accounting for 13.17% of the total volume of trades, followed by UBA (11.83%), FTNCOCOA (9.58%), ZENITHBNAK (9.54%), and GTCO (8.82%) to complete the top 5 on the volume chart.
Meanwhile, ZENITHBANK was also the most traded stock in value terms, with 19.05% of the total value of trades on the exchange.
CONOIL topped the advancers’ chart with a price appreciation of 9.92 percent each, trailed by STERLINGNG (9.76%), ETERNA (+9.74%), CORNERST (+8.97%), MBENEFIT (+8.33%), and twenty-four others.
Twenty stocks depreciated, where FTNCOCOA was the top loser, with a price depreciation of -9.88% to close at ₦0.73. CHAMPION (-9.62%), MCNICHOLS (-9.21%), CHAMS (-8.16%), and FIDSON (-6.93%) also dipped in price.
Trading data showed that the market breadth closed positive, recording 29 gainers and 20 losers. According to stockbrokers’ note, the market sector performance closed positive, as three out of the five major market sectors were up.
The Oil & Gas sector (+2.27%), followed by the Insurance sector (+1.11%), and the Banking sector (+0.95%), while the Consumer goods sector dropped by -0.26%.
The Industrial sector was unchanged. Overall, equities market capitalisation jumped by ₦21.21 billion to close at ₦30,387.93 trillion from ₦30,366.72 trillion yesterday. # Nigerian Bourse Adds Weight over Sustain Rally Airtel Africa Falls to N4.4trn on Price Correction
