Stock Market Maintains Uptrend as Investors Gain ₦23.6 billion

Stock Market Maintains Uptrend as Investors Gain ₦23.6 billion

Equities segment of the Nigerian Stock Exchange (NSE) maintains uptrend as investors gain ₦23.6 billion on Wednesday.

The gain reported pushed market capitalisation to ₦21.1 trillion after sustained rally at the local bourse.

At the close of trade, the  All-Share index appreciated 11 basis points (bps) to 40,341.05 points over gains in FLOURMILL (+6.9%), MOBIL (+9.4%) and WAPCO (+1.4%).

Consequently, the year-to-date return improved to 0.2% as market rally continues.

Activity level retreated as volume and value traded declined 59.9% and 12.6% respectively to 468.1 units and ₦7.0 billion.

The most traded stocks by volume were ZENITH (45.8 million units), LASACO (40.7 million units) and UBA (31.8 million units).

Meanwhile, MTNN (₦2.2 billion), ZENITH (₦1.2 billion) and GUARANTY (₦592.7 million) topped by value.

Performance across sectors was positive as all indices under Afrinvest’s analysts coverage gained save the AFR-ICT index that closed flat.

The Insurance index led the gainers, advancing 4.1% due to price uptick in MANSARD (+9.5%), CUSTODIAN (+2.6%) and AIICO (+2.6%).

Similarly, the Oil & Gas and Consumer Goods indices appreciated 1.7% and 0.1% respectively due to buying interest in MOBIL (+9.4%) and FLOURMILL (+6.9%).

The Banking and Industrial Goods indices also gained 8bps apiece as ACCESS (+1.1%), ZENITH (+0.4%), and WAPCO (+1.4%) ticked higher.

Investor sentiment as measured by market breadth (advance/decline ratio) increased to 1.9x from the 1.3x recorded previously as 31 stocks advanced against 16 decliners.

Market data shows that ACADEMY (+10.0%), VERITASKAP (+10.0%) and SOVRENINS (+10.0%) were the best-performing tickers.

Then, CHELLARAMS (-10.0%), LIVESTOCK (-9.7%) and CHIPLC (-8.8%) were the losers.

However, Afrinvest is optimistic that positive sentiment would be sustained till the close of the week.

Read Also: NSE Records First Bearish Performance in 2021 as Investors Take Profit

Stock Market Maintains Uptrend as Investors Gain ₦23.6 billion