Bullish Parade Lifts Stock Market as Investors Gain N29.5 Billion

Bullish Parade Lifts Stock Market as Investors Gain N29.5 Billion

Coming out from sell-offs side, the renewed bullish parade lifts the Nigerian stock market as investors gain N29.5 billion on Wednesday.

At the close of trade, the equities market trended northward due to buying interest in WAPCO (+3.5%), ZENITH (+1.2%) and GUARANTY (+1.0%).

Consequently, the benchmark index rose 14 basis points (bps) to 40,221.30 points as year to date loss moderated.

Stock market chart, data shows year to date loss printed at -0.1% and market capitalisation expanded to ₦21.0 trillion.

Trading activity improved as volume and value advanced 38.9% and 84.2% to 469.6 million units and ₦7.1 billion respectively.

The most traded stocks by volume were ZENITH (154.6 million units), GUARANTY (48.8 million units) and FBNH (25.3 million units).

Meanwhile ZENITH (₦4.1 billion), GUARANTY (₦1.5 billion) and FBNH (₦185.6 million) led by value.

Mixed Sector Performance

Afrinvest said in a market report that performance across sectors was mixed as 3 of the 6 indices under its coverage closed southward.

The Insurance index led laggards, down 1.9% due to sell-offs in WAPIC (-6.9%), CORNERST (-7.8%) and MANSARD (-1.8%).

Similarly, the Consumer Goods and AFR-ICT indices closed lower at 0.3% and 3bps respectively following price depreciation in FLOURMILL (-6.9%) and MTNN (-0.1%).

Equally, the Banking and Oil & Gas indices rose 0.8% apiece due to buying interest in ZENITH (+1.2%), GUARANTY (+1.0%), OANDO (+10.0%) and JAPAULGO (+9.2%).

Then, the Industrial Goods index inched higher by 0.2% on the back of gains in WAPCO (+3.5%).

Investor Sentiment Strengthens

Investor sentiment as measured by market breadth strengthened to 1.0x from the 0.7x recorded previously as 19 stocks advanced against 20 losers.

OANDO (+10.0%), ABCTRANS (+9.4%) and ROYALEX (+8.7%) were the top gainers while LASACO (-9.5%), CHIPLC (-8.3%) and CORNERST (-7.8%) were the top losers.

NSE Opens Positive as Stock Pickers take Large Bet

“We expect corporate earnings release and dividend information to guide the direction of the market this week”, Afrinvest said.

Bullish Parade Lifts Stock Market as Investors Gain N29.5 Billion