Equities Market Maintains Uptrend as Investors Gain N36.6 Billion
Nigeria’s equities market maintains an uptrend Tuesday as investors gain N36.6 billion following the two days straight rally amidst preparation for the holiday.
Investors’ sentiment was extended following investors’ interest in DANGCEM which gained +1.61% and some tier 1 banking stocks.
Precisely, the benchmark index rose by another 19 basis points to 39,387.55 points, leading to a moderation in year-to-date loss to 2.19%, market capitalisation closing the week at N20.535 trillion.
On today’s price list, MEYER (+9.62% to N0.57), PRESCO (+9.58% to N78.90), and UAC-PROP (+9.21% to N0.83) were today’s top gaining stocks.
On the flip side, REGALINS (-8.82% to N0.31), HONYFLOUR (-5.83% to N1.13), and CUTIX (-4.98% to N2.10) were today’s top losers.
Chapel Hill Denham said performance across its coverage universe was mixed but with a bearish tilt as only 3 of 5 coverage indices closed in the red terrain.
The NSE Banking, NSE consumer goods, and NSE oil & gas indices declined by 33 basis points (bps), 2bps, and 22bps, respectively.
However, this was masked by the gains across the NSE Insurance and NSE industrial goods indices, both of which rose by127bps and 70bps, with the latter solely driven by DANGCEM.
The market’s activity was broadly bearish, with the total volume declining by 8.53% to 297 million, valued at N3.361 billion.
Today’s most traded stocks by volume were ACCESS (58.56mn units), UACN (38.27mn units), and FIDELITYBK (27.15mn units).
On the other hand, the top traded stocks by value were ZENITH BANK (N0.610 billion), PRESCO (N0.525 billion), and ACCESS (N0.494 billion). Elsewhere, the Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) closed flat.
“In the next trading session, we expect the recent price appreciation of some large-cap stocks to trigger profit-taking by speculative investors”, Afrinvest said.
Stocks Decline N78.5 Billion as Market Opens with Sell-offs
Equities Market Maintains Uptrend as Investors Gain N36.6 Billion
