Investors Gain ₦299 billion as NSE Maintains Uptrend
With the 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 is printed at ₦14.4 trillion as investors sentiment improves further.
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 an increased sentiment.
The volume of trades recorded 604 million as against 460 million in the previous session amounting to a 31.35% increase.
Similarly, value traded followed suit, recording a 72.48% increase from N4.30 billion previously to N7.43 billion.
ZENITH BANK, STERLNBANK, UBA, GUARANTY and TRANSCORP are up the top five performers in terms of volume of units traded.
Meanwhile, ZENITH BANK, 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.
Read Also: Naira Plunged despite Foreign Currency Intervention Sales
Investors Gain ₦299 billion as NSE Maintains Uptrend
