Equity Investors Gain N410bn amidst Negative Market Breadth

Equity Investors Gain N410bn Amidst Negative Market Breadth

Equity investors gained about N410 billion on Wednesday as Nigerian stocks with strong upside potential extended their New Year rally, though it was largely a seller market condition with more losers than gainers.

The Nigerian Exchange (NGX) maintained its positive momentum with the All-Share Index (ASI) advancing 0.40% to 160,591.76 points.

Stockbrokers reported that equity market capitalisation grew by N409.66 billion to N102.68 trillion, though market sentiment was bearish, reflecting more losers than gainers.

Gains in heavyweights like SEPLAT (+10.00%), OKOMUOIL (+10.00%), and WAPCO (+3.91%) outweighed the impact of price declines in ETI (-8.50%) and ARADEL (-1.50%).

Albeit, market sentiment as measured by market breadth was negative, closing at 0.95x, as the session produced more losers (37) than gainers (35).

SEPLAT (+10.00%), OKOMUOIL (+10.00%), and UNIONDICON (+10.00%) led the gainers’ log, while CADBURY (-10.00%) led the laggards’ log.

Sectoral performance was mixed.  The Oil & Gas index led gains with a 3.88% surge, followed by the Commodity sector, which popped up by 2.75%. The insurance index advanced by 1.08%, the industrial increased by 0.50%, and consumer goods gained 0.48%.

Conversely, the banking sector declined 0.98%. Trading metrics showed divergent trends as share volume jumped 90.84% to 1.42 billion units and transaction value increased 4.64% to N20.3 billion, while deal count dropped 9.03% to 48,789 transactions. #Equity Investors Gain N410bn amidst Negative Market Breadth GTCO Slides to £1,754.85m in London Stock Exchange