Equities Investors Gain ₦708.1 billion, Highest Since 2015
Equities investors on the Nigerian Stock Exchange gained ₦7081. Billion Tuesday amidst new bull market.
The rally in the local bourse continued at the close of trade, with the benchmark index rising 4.9% to 28,909.37 points – the highest daily increase on record since March 2015.
A sustained buy interest in bellwethers like DANGCEM whose share gained 9.9%, MTNN price surged +5.7% and ZENITH increased 9.5% drove today’s impressive performance.
As a result, investors gained pushed market capitalisation to ₦15.1 trillion, the highest since January 2020.
Meanwhile, year to date return jumped to 7.7%.
Then, activity level strengthened as volume and value traded improved by 24.1% and 27.9% to 749.5 million units and ₦9.5 billion respectively.
The most traded stocks by volume were ZENITH (135.7m units), UBA (112.9m units) and FBNH (89.9m units) while ZENITH (₦2.8bn), GUARNTY (₦1.2bn) and UBA (₦768.2m) led by value.
Afrinvest said performance across sectors was laudable as all indices under its analysts coverage sustained previous day’s gains.
The Banking and Industrial Goods indices appreciated the most, edging higher by 7.5% and 5.6% respectively, following strong buy interest in ZENITH (+9.5%), GUARANTY (+6.1%) and DANGCEM (+9.9%).
The AFR-ICT and Consumer Goods indices trailed, rising 3.0% apiece, owing to price appreciation in MTNN (+5.7%), NIGERIAN BREWERIES (+7.2%) and DANGSUGAR (+4.6%).
Equally, the Oil & Gas and Insurance indices closed higher by 1.2% and 0.3% respectively as investors cherry-picked OANDO (+9.6%), ARDOVA (+9.0%) and CORNERSTONE (+10.0%).
Investor sentiment as measured by market breadth strengthened further to 5.6x from the 3.6x recorded in the previous session as 45 stocks gained against 8 decliners.
PRESCO (+10.0%), CORNERSTONE (+10.0%) and INTBREW (+10.0%) were top gainers while NPFMCRBK (-8.8%), WAPIC (-7.7%) and ACADEMY (-6.9%) led the laggards.
“We expect the rally in the equities market to continue in the next trading session, with strong buy interest mainly in low-priced bellwethers and high dividend yielding stocks”, Afrinvest stated.
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