Equities Investors Gain ₦17.8bn as Bulls Maintain Dominance

Equities Investors Gain ₦17.8bn as Bulls Maintain Dominance

Equities investors gained ₦17.8 billion as Bulls maintained dominance at the local bourse on Thursday.

At the close of trade, price appreciation in GUARANTY (+2.6%), INTBREW (+9.6%) and MOBIL (+9.9%) drove the benchmark index higher by 10bps to 34,803.00 points.

Consequently, investors gained ₦17.8bn as market capitalisation rose to ₦18.2 trillion while year to date return improved to 29.6%.

Activity level declined as volume and value traded fell by 40.8% and 48.9% to 257.6m units and ₦3.5bn respectively.

The most traded stocks by volume were ZENITH (40.6m units), TRANSCORP (23.2m units) and ACCESS (20.9m units).

Meanwhile ZENITH (₦999.3m), MTNN (₦686.1m) and GUARANTY (₦242.0m) led by value.

Performance across sectors was bullish as 4 of the 6 indices under Afrinvest coverage closed northward.

However, the Industrial Goods and AFR-ICT indices closed flat.

The Oil & Gas index led gainers, up 2.8% due to bargain hunting in MOBIL (+9.9%) and OANDO (+9.2%).

Similarly, the Insurance and Consumer Goods indices rose 1.0% and 0.6% respectively owing to buying interest in WAPIC (+7.3%), AIICO (+5.3%), INTBREW (+9.6%) and GUINNESS (+7.2%).

Then, market data showed that price appreciation in GUARANTY (+2.6%) marginally drove the Banking index higher by 2bps.

Meanwhile, investor sentiment as measured by market breadth weakened to 1.0x from the 3.4x recorded previously as 21 stocks gained against the 21 that declined.

UPDCREIT (+10.0%), NCR (+10.0%) and MOBIL (+9.9%) led the top gainers while ROYALEX (-7.7%), UNIONDAC (-7.4%) and AFRIPRUD (-5.8%) led the decliners.

Read Also: Equities Investors Gain ₦708.1 billion, Highest Since 2015

“Following three consecutive days of positive performance, we envisage investors will take profit in the next trading session. However, we expect the equities market to close in the green for the week”, Afrinvest stated.

Equities Investors Gain ₦17.8bn as Bulls Maintain Dominance