Nigerian Stock Market Opens Positive as Investors’ Sentiment Improve
The Nigerian stock market goes vertical first trading day in new week on improved sentiments that triggered buying interests.
At the first trading session for the week, the equities market posted gains as benchmark index appreciated 173 basis points (bps) to 34,843.44 points.
The rebound from previous plunged was recorded due to buying interest in AIRTELAF (+10.0%), DANGCEM (+2.7%) and WAPCO (+2.2%).
Hence, market capitalisation improved by ₦309.8 billion to ₦18.2 trillion while year to date return rose to 29.8%.
However, activity level weakened as volume and value traded fell 73.9% and 17.1% to 208.1 million units and ₦3.7 billion respectively.
The most traded stocks by volume were ZENITH (38.6 million units), GUARANTY (19.2 million units) and ACCESS (16.1m units).
Meanwhile ZENITH (₦875.7 million), AIRTELAF (₦814.7 million) and GUARANTY (₦632.2 million) led by value.
Afrinvest said performance across sectors was mixed as 3 of 6 indices under its coverage closed southward.
The Consumer Goods and Oil & Gas indices led the losers, down 0.9% and 0.3% respectively on account of sell-offs in INTBREW (-9.9%), NASCON (-9.4%), OANDO (-3.8%) and ARDOVA (-6.5%).
Similarly, the Banking index lost 33bps following losses in UNION (-5.5%) and ZENITH (-0.4%).
On the flip side, price appreciation in AIRTELAF (+10.0%), DANGCEM (+2.7%) and WAPCO (+2.2%) spurred 5.4% and 1.5% respective gains in the AFR-ICT and Industrial goods indices.
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The insurance index gained 1.3% on the back of price uptick in AIICO (+9.5%) and WAPIC (+7.7%).
Investor sentiment as measured by market breadth declined to 1.9x from the 3.2x recorded in the previous session as 26 stocks gained against the 14 that declined.
AIRTELAF (+10.0%), AIICO (+9.5%) and ROYALEX (+9.5%) led the gainers while PRESTIGE (-10.0%), INTBREW (-9.9%) and CUTIX (-9.5%) led the decliners.
“This week, we expect bargain hunting to dominate trades following the previous week’s losses”, Afrinvest said.
Nigerian Stock Market Opens Positive as Investors’ Sentiment Improve
