Market Cap Pecks ₦22 trillion Mark as NSE Sustains Rally

Market Cap Pecks ₦22 trillion Mark as NSE Sustains Rally

The Nigerian Stock Exchange, NSE, sustains rally as market capitalisation is few bucks away from ₦22 trillion mark following the Monetary Policy Committee decision to maintain status quo on key rates.

On Wednesday, the positive momentum continued in the local bourse as the benchmark index gained 83 basis points (bps) to close at 41,930.73 points.

This was on the back of sustained gains in AIRTELAF (+1.1%), MTNN (+2.4%) and WAPCO (+7.3%).

Accordingly, year to date return increased to 4.1% while market capitalisation advanced ₦180.9 billion to settle at ₦21.9 trillion.

Activity level advanced as volume and value traded rose 16.2% and 31.6% to 543.6 million units and ₦7.3 billion respectively.

In the market today, the most traded stocks by volume were TRANSCORP (57.2 million units), ZENITH (47.2 million units) and FBNH (38.1 million units).

AIRTELAF (₦1.8 billion), ZENITH (₦1.2 billion) and GUARANTY (₦901.0 million) led by value.

Afrinvest said performance across sectors under its coverage was positive as only the Oil & Gas index lost 0.1%, following sell-offs in ARDOVA (-2.4%).

Meanwhile, the AFR-ICT index led the gainers, up 1.7% due to strong demand for AIRTELAF (+1.1%) and MTNN (+2.4%).

Similarly, price uptick in AIICO (+6.3%) and WAPCO (+7.3%) drove the Insurance and Industrial Goods indices higher by 1.5% and 0.5% respectively.

The Banking and Consumer Goods indices rose 0.3% and 0.2% respectively as a result of buying interest in FBNH (+2.7%), UBA (+2.3%), DANGSUGAR (+2.5%) and CHAMPION (+9.8%).

Investor sentiment as measured by market breadth waned to 1.7x from 1.8x recorded previously as 34 stocks advanced against 20 decliners.

CHIPLC (+10.0%), GUINEAINS (+10.0%) and FIDSON (+9.9%) were the top advancers.

CORNERSTONE (-9.7%), CAVERTON (-9.4%) and UNIVINSURE (-8.7%) were the top losers.

“We expect the bullish streak to continue in subsequent trading sessions”, Afrinvest stated. 

Bargain Hunting Lifts NSE Market Cap by ₦60.4 billion

Market Cap Pecks ₦22 trillion Mark as NSE Sustains Rally