Equities market rebounds 0.29% on renew bullish activity

The Nigerian Stock Exchange All Share Index (ASI) rose marginally by 0.29% amid renewed bullish activity,

The Exchange recorded 25 gainers as against 13 losers at the close of trade on Monday.

Consequently, investors gained ₦72.4 billion, thus pushed market capitalisation to ₦12.5 trillion.

Hence, the year to date loss of the NSE ASI moderated to 10.80%.

Specifically, the NSE banking and Industrial closed higher by 0.51% and 0.94% respectively.

The increase was buoyed by gains in GUARANTY, ACCESS and BUACEMENT; their respective share prices by 1.11%, 2.40% and 0.63.

On the flip side, the NSE Insurance, NSE Consumer goods and NSE Oil/Gas indices tanked by 1.08%, 1.41% and 0.08% respectively.

Meanwhile, the volume and value of shares traded rose by 49.97% and 19.65% to ₦0.33 billion units and ₦2.92 billion.

The most active stocks by volume were 83.6 million units of ACCESS, 54.9 million units of ZENITH and 33.6 million of STERLNBANK.

By value, ZENITH traded ₦842.9 million, ACCESS ₦522.8 million and GUARANTY ₦346.8 million led the value chart.

The Industrial Goods and AFR-ICT indices rose 0.9% and 0.8% respectively following gains in WAPCO (+6.1%), BUACEMENT (+0.6%) and MTNN (+1.4%).

Price appreciation in GUARANTY (+1.1%) and ACCESS (+2.4%) buoyed performance in the Banking index by 0.5%.

Stock market investors record 14.24% year to date loss

Conversely, Consumer Goods index led losers, down 1.4% following sell-offs in NESTLE (-4.3%) and GUINNESS (-2.9%).

Similarly, the Insurance and Oil & Gas indices dipped 1.1% and 0.1% respectively due to price declines in CORNERSTONE (-6.8%), WAPIC (-6.3%) and OANDO (-0.7%).

The top gainers were OKOMUOIL (+10.0%), NEIMETH (+9.7%) and BOCGAS (+9.6%).

LASACO (-7.4%), JAIZBANK (-6.8%) and CORNERSTONE (-6.8%) were top losers.

“We expect a mixed performance for the week as the market presents opportunity for bargain hunting and profit taking”, Afrinvest stated.

Elsewhere, NIBOR rose for most tenor buckets amid sustained liquidity strain.

However, NITTY moved in mixed directions across maturities tracked.

Cowry Asset stated that in the OTC bonds market, the values of FGN bonds were flattish for most maturities tracked. FGN Eurobond declined for most maturities tracked, the firm added.

Equities market rebounds 0.29% on renew bullish activity