Nigeria’s Equities Market Maintains Uptrend as Investors Gain ₦211.1bn
The Nigeria’s equities market remained upbeat as investors gained ₦211.1 billion after trading session on Tuesday.
Today, the benchmark index extended gains for the fifth consecutive sessions, with the NSE All-Share Index rising by 125 basis points.
As with the prior session, investors’ interests across most heavy-weight counters, essentially kept the market in the green for most of the trading day, says Chapel Hill Denham.
Based on attribution analysis, gains across MTNN (+4.06%), STANBIC (+4.35%), and ZENITHBANK (+2.30%) were the key driver of today’s gain.
Thus, the Year-to-date return grew to 21.63%, further leaving the market on the verge of closing the year positive.
Chapel Hill Denham stated that this is the first since 2017 when investors’ excitement on the creation of the novel I&E FX window ensured that the market closed the year at a record high of 42.3%.
In the same vein, the Market Capitalisation crossed the N17bn mark, to close at N17.059tn.
At the close of the market, Neimeth International Pharm. Plc (+10.00% to N2.20), Cadbury Nigeria Plc (+10.00% to N9.35), and GlaxoSmithKline Consumer Nigeria Plc (+10.00% to N6.60) were today’s top gainers.
Meanwhile, Associated Bus Co. Plc (-8.82% to N0.31), PZ Cussons Nigeria Plc (-5.38% to N4.40), and Chams Plc (-4.35% to N0.22) were today’s top losers.
Chapel Hill Denham noted that in line with the pattern observed in the previous day, today’s positive performance was broad-based, with 5 of 5 of our coverage indices closing in the green.
Specifically, the NSE banking, NSE consumer, NSE industrial goods, NSE oil & gas, and NSE insurance indices closed positive, gaining 93bps, 75bps, 22bps, 132bpps, and 328bps, respectively, driven by STANBIC (+4.35%), DANGSUGAR (+7.18%), BUACEMEN (+1.11%), OANDO (+9.76%), and WAPIC (+9.52%).
As with the prior trading session, the market’s activity was broadly weak, with volume traded moderating by 9.00% to 579mn units, valued at N7.743bn.
Today’s most traded stocks by volume were Zenith Bank Plc (67.91mn units), First Bank of Nigeria Plc (64.72mn units), and Access Bank Plc (60.24mn units).
On the other hand, the top traded stocks by value are Zenith Bank Plc (N1.621bn), Guaranty Trust Bank Plc (1.209bn), and Dangote Cement Plc (N0.556bn).
Elsewhere, the Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) both notched higher by 4.75% and 2.83%, respectively.
Read Also: NSE Closed in Green Despite Sell-offs in Tier-1 Banks Stocks
“We expect investors to take profit in the next trading session following the sustained bullish momentum”, Afrinvest said.
Nigeria’s Equities Market Maintain Uptrend as Investors Gain ₦211.1bn
