Stock Market Appreciates N34 Billion as Sentiment Improves

Stock Market Appreciates N34 Billion as Sentiment Improves

The Nigerian stock market appreciates by N34 billion gain on Monday as investors’ sentiment improves after losing streak in the past week.

At the close of the trading session, the equities market posted a positive performance as the NSE All-Share Index rose 17 basis points to 39,396.57 points.

The positive vibes was due to buying interest in WAPCO (+7.7%), FBNH (+2.8%) and ACCESS (+2.6%).

Consequently, year to date loss moderated to -2.2% and market capitalisation settled at ₦20.6 trillion.

Trading activity waned as volume and value declined by 49.4% and 76.8% respectively to 297.3m units and ₦3.2 billion.

The most traded stocks by volume were ZENITH (66.5m units), FBNH (23.5m units) and MANSARD (21.4m units) while ZENITH (₦1.7bn), STANBIC (₦278.5m) and FBNH (₦169.5m) led by value.

In a market report, Afrinvest said performance across sectors was mixed as 3 of the 6 indices under its coverage closed northward.

The Insurance index emerged as the top gainer, up 1.3% due to buying interest in CORNERST (+9.1%), AIICO (+3.5%) and LINKASSURE (+10.0%).

Similarly, the Oil & Gas and Industrial Goods indices rose 1.0% and 0.5% respectively following gains in OANDO (+9.4%), ARDOVA (+10.0%) and WAPCO (+7.7%).

On the flip side, the Consumer Goods and Banking indices lost 6bps and 3bps respectively due to declines in INTBREW (-1.6%), CADBURY (-3.6%), ZENITH (-1.6%) and FIDELITY (-6.1%).

Similarly, the AFR-ICT index closed flat.

Investor Sentiment Strengthens

Investor sentiment as measured by market breadth advanced to 1.7x from the 0.7x recorded previously as 24 stocks advanced against 14 decliners.

LINAKSSURE (+10.0%), ARDOVA (+10.0%) and CHAMPION (+9.5%) were the top gainers while MEYER (-10.0%), LIVESTOCK (-9.9%) and SCOA (-9.8%) were the top losers.

“We expect the market to post a bullish performance in the next trading session as investors take position in attractive stocks”, Afrinvest said.

Positive Earnings Result Stirs Market to 0.76% Gain

Stock Market Appreciates N34 Billion as Sentiment Improves