NSE Records ₦552.1 Billion Gain after Negative Start in 2021

NSE Records ₦552.1 Billion Gain after Negative Start in 2021

The Nigerian Stock Exchange, NSE, records ₦552.1 billion gain this week after a negative start in the year 2021.

Equities market performance reversed last week’s losses with strong buying interest, recording gains on all 5 trading sessions.

As a result, the All-Share index increased 2.6% to 41,176.14 points.

Investors gained ₦552.1 billion as market capitalisation rose to ₦21.5 trillion while year to date return turned positive at 2.2%.

Activity level improved as average volume and value traded rose 1.5% and 64.7% to 689.3m units and ₦6.5 billion respectively.

The most traded stocks by volume were TRANSCORP (196.2m units), MBENEFIT (195.9m units) and MANSARD (123.7m units) while GUARANTY (₦3.5bn), ZENITH (₦3.1bn) and MTNN (₦3.0bn) led by value.

Afrinvest hinted that performance across sectors was impressive as all indices under its coverage appreciated week on week (W/W).

The Insurance index gained the most, advancing 17.5% w/w due to price uptick in MBENEFIT (+50.0%), MANSARD (+34.5%) and WAPIC (+31.0%).

Similarly, the Oil & Gas and Consumer Goods indices appreciated 7.3% and 3.1% w/w respectively due to buying interest in MOBIL (+9.4%), SEPLAT (+8.8%), FLOURMILL (+22.8%), and NASCON (+21.0%).

The Industrial Goods and Banking indices also gained 2.8% and 2.5% w/w respectively as DANGCEM (+5.3%), WAPCO (+6.7%), UBN (+7.5%), and ACCESS (+7.2%) ticked higher.

Meanwhile, AFR-ICT index increased 1.5% w/w on the back of price appreciation in CHAMS (+16.7%) and MTNN (+2.9%).

Investor sentiment as measured by market breadth increased to 3.1x from 2.2x last week as 56 stocks gained against the 18 that declined.

MBENEFIT (+50.0%), ROYALEX (+47.8%) and MANSARD (+34.5%) led the top gainers while CUTIX (-12.9%), DAARCOMM (-10.0%) and CHELLARAMS (-10.0%) led the decliners.

“We believe the bullish momentum would be sustained in the coming week due to positive sentiments.

“Although, we may see some profit-taking activities”, Afrinvest stated.

Read Also: NSE Index appreciates by 0.19% to open the week positive

NSE Records ₦552.1 Billion Gain after Negative Start in 2021