NSE Index Rally on Buying Interest in Dangcem, MTNN, Stanbic
The Nigerian Stock Exchange (NSE) index rally 0.98% Wednesday on buying interest in large cap stocks like Dangote Cement, MTN Nigeria and Stanbic IBTC stocks.
After yesterday loss, the domestic equities market closed on a positive note as the All-Share Index rose 98 basis points to 39,085.78 points.
Today gain moderated year to date loss to -2.9% as market capitalisation expanded by N199.2 billion to close at N20.4 trillion.
Specifically noted was positive price movement in DANGCEM (+2.3%), MTNN (+2.4%), and STANBIC (+10.0%) that weighed positively on market performance.
Consequently, investors gained ₦199.2 billion as market capitalisation rose to ₦20.4 trillion. Trading activity waned as volume and value declined 11.8% and 4.7% respectively to 361.9 million units and ₦5.7 billion.
The most traded stocks by volume were UBN (79.3 million units), GUARANTY (72.6 million units), and VERITASKAP (50.2 million units). Meanwhile GUARANTY (₦2.3 billion), MTNN (₦1.1 billion) and DANGCEM (₦451.9 million) led by value.
Bullish Sector Performance
“Across sectors that we cover, performance was bullish as 4 indicators trended northward. The AFR-ICT index led the gainers, up 1.2% due to price appreciation in MTNN (+2.4%)”, Afrinvest said.
Similarly, the Oil & Gas, Industrial Goods and Consumer Goods indices rose 0.7% apiece on account of buying interest in OANDO (+8.7%), DANGCEM (+2.3%), GUINNESS (+8.8%), and INTBREW (+2.8%).
On the flip side, profit-taking in WAPIC (-9.1%), MANSARD (-2.0%), ETI (-2.1%) and ACCESS (-0.6%) dragged the Insurance and Banking indices lower by 0.6% and 0.2% respectively.
Investor Sentiment Strengthens
Investor sentiment, as measured by market breadth strengthened to 1.3x from the 1.0x recorded previously as 20 stocks gained against 15 decliners.
STANBIC (+10.0%), NPFMCRFBK (+9.6%) and CORNERST (+8.9%) were the top gainers while MRS (-9.7%), WAPIC (-9.1%) and WAPCO (-7.1%) were the top decliners.
“In the subsequent trading session, we expect profit-taking in the local bourse”, Afrinvest stated.
Read Also: Next Two Months, NSE Equities Investors Could Gain ₦2 trillion
NSE Index Rally on Buying Interest in Dangcem, MTNN, Stanbic
