Investors Gain ₦390.2bn as Stock Market Records another Upswing
Equities investors’ fortune rises ₦390.2 billion on Thursday as the Nigerian stock market records yet another upswing following lower yields in fixed income market.
In today’s trading session, equities market maintained an uptrend as the benchmark index appreciated 210bps to close at 36,239.62 points.
The uptrend was due to gains in AIRTELAF (+10.0%), DANGCEM (+2.6%) and ZENITH (+2.7%).
Consequently, year to date return improved to 35.0% and market capitalisation increased by ₦390.2bn to ₦18.9 trillion.
Market data shows that activity level was mixed as volume traded declined 47.1% to 343.6m units while value traded surged 90.2% to ₦4.3 billion.
The most traded stocks by volume were FBNH (99.4m units), UBA (22.3m units) and ACCESS (20.9m units).
Meanwhile DANGCEM (₦1.3bn), FBNH (₦700.4m) and ZENITH (₦388.7m) led by value.
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Afrinvest noted that performance across sectors was bullish as all indices under the firm’s coverage closed in the green.
The AFR-ICT index led the chart with a 5.7% gain due to buying interest in AIRTELAF (+10.0%).
Trailing, the Insurance and Industrial Goods indices rose 2.4% and 1.3% respectively following price appreciation in MANSARD (+9.1%), AIICO (+1.7%), and DANGCEM (+2.6%).
In the same vein, the Banking and Oil & Gas indices advanced, up 1.1% and 0.6% respectively as a result of price uptick in ZENITH (+2.75%), UBN (+3.8%), ARDOVA (+10.0%) and OANDO (+2.1%).
Then, the Consumer Goods index gained 23bps as UNILEVER (+9.5%) and DANGSUGAR (+0.3%) ticked higher.
Investor sentiment as measured by market breadth decreased to 1.7x from the 1.9x recorded in the previous session as 29 stocks gained against the 17 that declined.
AIRTELAF (+10.0%), ARDOVA (+10.0%) and FTNCOCOA (+9.6%) led the gainers chart while OMATEK (-9.1%), WAPIC (-9.1%) and CHAMPION (-9.0%) led the decliners.
“We expect the equities market to close on a positive note for the week”, Afrinvest said.
Investors Gain ₦390.2bn as Stock Market Records another Upswing
