Stock Market Appreciates ₦75.9 billion over Sustained Buying Interest

Stock Market Appreciates ₦75.9 billion over Sustained Buying Interest

The Nigerian stock market on Tuesday appreciate ₦75.9 billion over investors’ sustained buying interest.

The domestic equities posted gains today as the All-Share index advanced 36 basis points (bps) to 40,295.95 points.

The positive performance was driven by buying interest in DANGCEM (+2.2%), MANSARD (+9.6%) and NASCON (+10.0%).

Consequently, year-to-date return improved to 0.1% while market capitalisation advanced by ₦75.9 billion to settle at ₦21.1 trillion.

Activity level strengthened as volume and value traded surged 247.5% and 220.1% respectively to 1.2 billion units and ₦8.0 billion.

The most traded stocks by volume were UPDCREIT (755.0m units), MANSARD (49.5m units) and TRANSCORP (44.3m units).

Meanwhile UPDCREIT (₦4.2bn), MTNN (₦679.1m) and ZENITH (₦425.8m) topped by value.

Afrinvest said performance across sectors was mixed as 3 of 6 indices under the firm’s coverage recorded gained.

The Insurance index led the gainers, advancing 3.6% due to price uptick in MANSARD (+9.6%), AIICO (+2.7%) and MBENEFIT (+10.0%).

Similarly, the Industrial and Consumer Goods indices appreciated 1.0% and 0.4% respectively due to buying interest in DANGCEM (+2.2%), NASCON (+10.0%) and DANGSUGAR (+1.6%).

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On the flip side, the Banking index lost the most, down 0.6% due to price weakness in GUARANTY (-1.1%) and UBA (-1.1%).

The AFR-ICT and Oil & Gas indices closed lower by 5bps apiece as a result of price declines in MTNN (-0.1%) and OANDO (-5.4%).

Investor sentiment as measured by market breadth increased to 1.3x from the 1.1x recorded previously as 26 stocks advanced against 20 decliners.

NASCON (+10.0%), OMATEK (+10.0%) and NIGERINS (+10.0%) were the best-performing tickers.

OANDO (-5.4%), UAC-PROP (-4.8%) and DEAPCAP (-4.8%) were the losers.

“We believe the positive sentiment would be sustained till the close of the week”, Afrinvest stated.

Today, the Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) lost 6bps and 2bps respectively.

Stock Market Appreciates ₦75.9 billion over Sustained Buying Interest