Gains in BUACEMENT, DANSUGAR, UBA Strengthen Market Performance
The Nigerian Stock Exchange performance rose after the trading session yesterday due to capital appreciation in large cap stocks.
NSE All-Share Index (ASI) appreciated 34 basis points (bps) to close at 25,335.15 points following buying interest in BUACEMENT (+4.1%), DANGSUGAR (+2.8%) and UBA (+0.8%).
Consequently, investors gained ₦44.4 billion as market capitalisation increased to ₦13.2 trillion, then year to date (YTD) loss eased to -5.6%.
Activity level was mixed as volume traded advanced 16.6% to 268.7m units while value traded declined 48.3% to ₦1.2 billion.
The most active stocks by volume were MBENEFIT (99.4m units) FCMB (21.9m units), and FBNH (17.9m units).
On the value chart, GUARANTY led with ₦170.4m, ZENITH ₦168.1m and MTNN did ₦99.7m.
Mixed Sector Performance:
Performance across sectors under analysts at Afrinvest coverage was mildly bullish as 3 of 6 indices closed in the green.
The Industrial Goods index led gainers, up 2.6% due to sustained interest in BUACEMENT (+4.1%).
Meanwhile, gains in MBENEFIT (+10.0%), DANGSUGAR (+2.7%) and HONYFLOUR (+1.2%) pushed the Insurance and Consumer Goods indices higher by 0.4% and 0.3% respectively.
Conversely, the Banking index declined 0.2% due to price depreciation in FBNH (-2.7%) and ACCESS (-0.8%) while the AFR-ICT index closed flat.
Investor Sentiment Weakens:
Investor sentiment as measured by market breadth fell to 0.6x from the 2.8x recorded in the previous session as 13 stocks gained relative to 22 losers.
The top gainers were ROYALEX (+10.0%), BOCGAS (+10.0%) and MBENEFIT (+10.0%) while MOBIL (-8.0%), FIDSON (-7.7%) and JAPAULOIL (-7.4%) were top decliners.
“We expect to see gains in the next trading session as investors continue to seek bargain hunting opportunities”, Afrinvest stated.
Gains in BUACEMENT, DANSUGAR, UBA Strengthen Market Performance written by Ogochi Ndubuisi.
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