Stock Market Maintains Uptrend as Investors Gain ₦65.7 billion

Stock Market Maintains Uptrend as Investors Gain ₦65.7 billion

The Nigerian stock market maintains uptrend on Thursday as investors gain N65.7 billion.

At the close of trade, the domestic equities market sustained the previous day’s gain, rising 31 basis points (bps) to settle at 40,490.85 points.

The positive performance was driven by buying interest in SEPLAT (+10.0%), NIGERIAN BREWERIES (+3.6%) and GUARANTY (+1.5%).

Consequently, year to date return improved to 0.8% while market capitalisation advanced by ₦65.7bn to settle at ₦21.2 trillion.

It was noted that activity level surged as volume and value traded advanced 755.0% and 243.8% to 2.1 billion units and ₦7.5 billion respectively.

The most traded stocks by volume were UBA (26.5m units), DANGSUGAR (21.5m units) and FIDELITY (15.7m units).

Meanwhile DANGSUGAR (₦397.8m), ZENITH (₦327.3m) and GUARANTY (₦315.1m) topped by value.

Afrinvest stated that performance across sectors was bullish as 3 of 6 indices under its coverage gained save the AFR-ICT and Industrial Goods indices which closed flat.

The Oil & Gas index led gainers, up 5.7% due to buying interest in SEPLAT (+10.0%) and ARDOVA (+9.9%).

Similarly, the Consumer Goods and Banking indices rose 0.8% and 0.5% respectively, buoyed by price appreciation in NIGERIAN BREWERIES (+3.6%), DANGSUGAR (+3.8%), GUARANTY (+1.5%) and ZENITH (+0.8%).

Conversely, losses in MANSARD (-3.2%) and SOVRENINS (-9.1%) dragged the Insurance index marginally lower by 2bps.

Investor sentiment as measured by market breadth strengthened to 1.4x from the 0.4x recorded previously as 22 stocks advanced against 16 decliners.

LIVESTOCK (+10.0%), SEPLAT (+10.0%) and FTNCOCOA (+10.0%) were the best-performing tickers.

SOVRENINS (-9.1%), ETERNA (-8.2%) and DEAPCAP (-8.0%) were the losers.

“We anticipate the equities market would close on a positive note for the week”, Afrinvest stated.

Read Also: Average Rate on Nigerian Treasury Bills Spikes 30 Basis Points

Stock Market Maintains Uptrend as Investors Gain ₦65.7 billion