Investors Gain N1.8 Billion as Market Rally Sustains

Investors Gain N1.8 Billion as Market Rally Sustains

It has been a positive week with stock market investors gain coming at N1.8 billion on Thursday as Nigerian Exchange, NGX, continues four day rally.

Today, investors gain was driven by price appreciation in UBA (+2.1%), FBNH (+1.4%), and ACCESS (+0.7%) which buoyed market performance.

Consequently, the All-Share index rose a basis point to close at 39,131.80 points as year to date loss moderated to -2.8%, while market capitalisation increased to ₦20.5 trillion.

According to market analysts, trading activity varied as volume traded fell 4.6% to 228.1 million units while value traded rose 58.5% to ₦2.6 billion.

Market data however showed that the most traded stocks by volume were GUARANTY (37.3 million units), ZENITH (28.8 million units), and FBNH (22.3 million units).

According to NGX chart, GUARANTY (₦1.2 billion), ZENITH (₦635.3 million), and FBNH (₦164.9 million) led by value.

Mixed Sector Performance

Afrinvest said across sectors under its coverage, performance was mixed as 3 indicators lost, 1 gained while the Industrial Goods and AFR-ICT indices closed flat.

It was noted that the Insurance index led losers, down 0.4% due to price depreciation in AIICO (-2.4%) and SUNUASSU (-9.1%).

Similarly, the Banking and Consumer Goods fell 4bps and 1bp respectively due to sell-offs in ZENITH (-1.4%), FIDELITY (-1.8%), HONYFLOUR (-8.5%), and CADBURY (-3.7%). However, the Oil & Gas index advanced 0.2% following a price uptick in OANDO (+4.0%).

Investor Sentiment

Investor sentiment, as measured by market breadth, strengthened to 1.1x from the 1.0x recorded in the previous session as 17 stocks advanced against 15 decliners.

CUTIX (+7.0%), PZ (+6.9%) and LINKASSURE (+5.0%) were the top gainers while EKOCORP (-10.0%), SUNUASSU (-9.1%) and HONYFLOUR (-8.5%) were the top decliners.

“We expect the market to close positive for the week”, Afrinvest said.

Read Also: Nigerian Exchange Rally as Investors Gain N59 Billion

Investors Gain N1.8 Billion as Market Rally Sustains