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
