Investors’ wealth spikes as stock market gains ₦374.9 billion
Investors’ wealth increased on Monday by ₦374.9 billion on account of gains in blue chips stocks on the Nigerian Stock Exchange. Specifically, buying interest in DANGCEM (+10.0%), MTNN (+3.5%) and NESTLE (+6.0%) lifted the benchmark index by 312 basis points (bps) to close at 23,809.31 points.
Consequently, investors gained ₦374.9 billion as market capitalisation rose to ₦12.4 trillion while YTD loss eased to -11.3%. Activity level advanced as volume and value traded rose 37.7% and 77.4% to 344.0m units and ₦4.3 billion respectively.
The most active stocks by volume were GUARANTY which traded 54.3 million units, MBENEFIT 41.8 million units and ZENITH traded 40.3 million units. Meanwhile, GUARANTY which traded ₦1.1 billion led the value chart, followed by MTNN ₦913.5 million and ZENITH did ₦591 million.
Performance across sectors was bullish as 5 of 6 indices that Afrinvest cover gained. The Banking and Consumer Goods indices led gainers, up 2.4% apiece following 3.5% price appreciation in ZENITH, 6.6% in ACCESS and NESTLE spiked 6.0%, followed by 2.1% in HONEYFLOUR.
Similarly, the AFR-ICT and Industrial Goods indices appreciated 2.0% and 1.6% respectively on the back of gains in MTNN (+3.5%), DANGCEM (+10.0%) and WAPCO (+3.9%).
The Oil & Gas index also gained 73bps due to sustained buying interest in OANDO (+6.8%) while losses in LINKASSURE (-9.4%) and AIICO (-1.2%) dragged the Insurance index 0.3% lower.
Investor sentiment as measured by market breadth (advance/decline ratio) surged to 4.1x from the 0.8x recorded in the previous session as 29 stocks gained relative to 7 losers.
The top gainers were DANGCEM (+10.0%), NEIMETH (+9.3%) and PRESTIGE (+9.1%) while MAYBAKER (-10.0%), NPFMCRFBK (-9.6%) and LINKASSURE (-9.4%) were top losers.
“We expect investors to continue to cherry-pick fundamentally sound stocks in the market”, Afrinvest stated.
Investors’ wealth spikes as stock market gains ₦374.9 billion #Stocks
