Investors Gain ₦299 billion as NSE Maintains Uptrend

Investors Gain ₦299 billion as NSE Maintains Uptrend

With equities market positive stance abounds, investors gained ₦299 billion as the Nigerian bourse recorded another uptrend to commence a new week.

Trading resumed at the Nigerian Stock Exchange with sustained optimism as investors’ interest in stocks like MTNN which gained 3.9%, AIRTELAFR share price rose 5.3% and ZENITH did +5.3%, thus lifted market capitalisation.

Consequently, Nigerian Stock Exchange market capitalisation printed at ₦14.4 trillion as investors sentiment improves further.Investors Gain ₦299 billion as NSE Maintains Uptrend

The NSE-All Share Index however gained 2.11% at 27,554.56 points, pegging year to date return at 2.65%.

The Bull continues to surmount the bear as market breadth recorded a whooping ratio of 3.60x with 36 counters in the gainers chart as against 10 decliners.

Among the best performing stocks were GLAXOSMITH, REDSTAREX, NPFMCRFBK, AFRIPRUD and WAPIC.

Meanwhile, TRIPPLEG, OANDO, UAC-PROP, CHAMS and UBN were the top decliners as the market closed trading session positive.

Thus, data shows that market activity inched up on the back of increased sentiment.

Volume of trades recorded 604 million as against 460 million in previous session amounting to 31.35% increase.

Similarly, value traded followed suit to record 72.48% increase from N4.30 billion previously to N7.43 billion.

ZENITHBANK, STERLNBANK, UBA, GUARANTY and TRANSCORP up the top five performers in terms of volume of units traded.

Meanwhile ZENITHBANK, GUARANTY, UBA, WAPCO and FLOURMILL made up the top five performers in terms of value trade.

APT Securities Limited said with money market interest rates at historical lows, investors had limited options.

Thus, the need to place funds in equities giving rise to inflows from local investors which is the major driver for the stock market performance in recent times.

In its note, Afrinvest expressed optimism about a sustained positive performance in the equities markets, given strong investors’ sentiment amid discounted valuation of stocks.

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Investors Gain ₦299 billion as NSE Maintains Uptrend