Investors Gain N145 Billion as Stock Market Rally

Investors Gain N145 Billion as Stock Market Rally

Domestic equities investors gain N145 billion on Monday as stock market rally on the first trading session in the week. The All-Share Index rose 71 basis points to 39,493.37 points due to buying interest in MTNN (+3.1%), GUARANTY (+4.3%), and WAPCO (+2.6%).

Consequently, market year to date loss moderated to -1.9% and investors gained ₦145.0 billion, driving market capitalisation upward to ₦20.7 trillion.

Market data shows that trading activity advanced as volume and value surged 108.1% and 281.8% respectively to 522.2 million units and ₦10.7 billion.

The most traded stocks by volume were GUARANTY (230.4 million units), UBN (79.2 million units), and WEMABANK (51.9 million units) .

Meanwhile GUARANTY (₦7.4 billion), DANGCEM (₦1.0 billion), and MTNN (₦455.6 million) led by value.

Afrinvest said performance was bullish as 4 indicators across sectors under its coverage closed in the green. The Banking index led the gainers, up 2.1% due to buying interest in GUARANTY (+4.3%), ETI (+6.0%), and UBA (+1.5%).

Similarly, the AFR-ICT and Insurance indices rose 1.5% and 0.6% respectively on account of price appreciation in MTNN (+3.1%), CUSTODIAN (+10.0%) and MANSARD (+2.0%).

Gains in GUINNESS (+3.8%) and INTBREW (+0.9%) drove the Consumer Goods index up by 0.2%. On the flip side, sell-offs in OANDO (-6.1%) and DANGCEM (-0.4%) dragged the Oil & Gas and Industrial Goods indices lower by 0.5% and 0.1% respectively.

Investor sentiment, as measured by market breadth (advance/decline ratio), strengthened to 2.3x from the 1.5x recorded previously as 28 stocks gained against 12 decliners.

COURTVILLE (+10.0%), CUSTODIAN (+10.0%) and LINKASSURE (+9.6%) were the top gainers while SOVRENINS (-8.3%), NPFMCRFBK (-7.2%) and PRESTIGE (-6.8%) were the top decliners.

In subsequent trading sessions, we anticipate a mix of buying interest and profit-taking in the equities market.

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Investors Gain N145 Billion as Stock Market Rally