Equities investors gain N76.7billion as All-Share-Index grows 60 basis points. The performance of the equities market strengthened on Monday as equities investors gained N76.7 billion.
The bullish performance pushed All-Share-Index up 60 basis points to settle at 26,695.18 points following price appreciation in DANGCEM (+1.4%), ACCESS (+4.3%) and UBA (+6.1%).
Market capitalisation grew by N76.7 billion to N12.8 trillion, then year to date (YTD) loss eased to -15.1%.
Read: https://dmarketforces.com/year-to-date-loss-worsen-as-stock-market-cap-drops-to-n12-8-trn/
Activity level improved as volume and value traded advanced 9.8% and 43.2% to 170.5 million units and N2.1 billion respectively.
In terms of trading activity, the banking stocks; ACCESS (41.2 million units), UBA (29.2 million units) and ZENITH (25.6 million units) led the volume chart while ZENITH (N479.8 million), ACCESS (N396.9 million) and GUARANTY (N332.9 million) led the value chart.
Performance across sectors was bullish as all indices under Afrinvest (www.afrinvest) analysts coverage advanced save the AFR-ICT index that closed flat.
The Banking index led the pack, up 1.6% due to gains in ACCESS (+4.3%) UBA (+9.4%) and GUARANTY (+1.1%).
The Industrial and Consumer Goods indices trailed, rising 1.0% and 0.4% respectively on the back of buying interest in DANGCEM (+1.4%), WAPCO (+1.8%), GUINNESS (+9.8%) and PZ (+9.5%).
Finally, the Insurance and Oil & Gas indices rose 0.3% and 0.1% respectively following price appreciation in NEM (+2.6%) and OANDO (+0.8%).
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 2.1x from the 1.7x recorded in the previous session with 17 stocks advancing against 8 that declined.
GUINNESS (+9.8%), PZ (+9.5%) and AGLEVENT (+7.7%) were the best performing stocks while CORNERSTONE (-9.1%), NEIMETH (-9.1%) and UPL (-8.3%) led laggards.
“Despite today’s performance, we are not optimistic of a sustainable rebound in the equities market in the near term”, Afrinvest stated.
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