Stocks Record N355.7Bn Gain on Buying Interest in Blue Chip Names

Stocks Record N355.7Bn Gain on Buying Interest in Blue Chip Names

The Nigerian listed stocks record N355.7 Billion gain on Thursday, stronger than combine losses sustained week to date as investors sentiments on blue chip names improved.

The strong rally was on the account of investors’ accumulation of DANGCEM shares, sending its share price higher by 7.84%.

The benchmark index gained 1.8% to close at 39,461.20 points following price appreciation in DANGCEM (+7.8%), MTNN (+3.9%), and NIGERIAN BREWERIES (+1.9%).

Consequently, year to date loss improved to -2.0% while market capitalisation rose ₦355.7 billion to ₦20.7 trillion.

Market record indicates that trading activity improved as volume and value traded rose 4.3% and 6.3% to 270.7 million units and ₦2.0 billion respectively.

The most traded stocks by volume were FBNH (51.5 million units), TRANSCORP (42.5 million units) and EKOCORP (20.0 million units) while FBNH (₦359.8 million), DANGCEM (₦313.6 million), and ZENITH (₦217.3 million) led by value.

Mixed Sector Performance

Afrinvest reported that performance across sectors under its coverage was mixed as 3 indicators gained, 2 lost while the Oil & Gas index closed flat.

The Industrial Goods index led the gainers, up 3.6% due to buying interest in DANGCEM (+7.8%).

Also, the AFR-ICT and Insurance indices gained 1.9% and 1.4% respectively on the back of price appreciation in MTNN (+3.9%), AIICO (+5.7%), and LINKASSURE (+7.0%).

Conversely, the Banking and Consumer Goods indices fell 1.4% and 0.2% respectively due to sell-offs in GUARANTY (-3.1%), FBNH (-6.1%), DANGSUGAR (-7.8%), and HONYFLOUR (-3.8%).

Investor Sentiment Strengthens

Investor sentiment, as measured by market breadth strengthened to 1.4x from the 0.9x recorded in the previous session as 24 stocks advanced while 17 declined.

JBERGER (+10.0%), FIDSON (+10.0%) and EKOCORP (+9.3%) were the top gainers while CWG (-9.8%), MBENEFIT (-7.5%) and FBNH (-6.8%) were the top decliners.

“We expect the market to sustain the positive performance in the last trading session of the week”, Afrinvest said.

Stocks Record N355.7Bn Gain on Buying Interest in Blue Chip Names