Sustained Bullish Outing Lifts NSE Cap to ₦13.35 trillion
Sustained bullish activities reflated the performance of the Nigerian equities market amidst various economic challenges.
Investors’ sentiments in Nigeria’s equities market remain positive for the second straight session.
This followed the budding appetite for naira risk assets accumulation by local investors’, according to analysts at Chapel Hill Denham.
Instructively, the NSE All Share Index, extended gains from yesterday, rising by 28 basis points (bps) to 25,591.95pts, mostly on account of interest in tier 1 banking stocks.
Nonetheless, the All Share Index plunged by 0.05% wow, following losses recorded earlier in the week.
Analysts recall that the market had posted declines in the first three sessions of the week, before turning positive in the fourth session.
On the positive, however, year to date loss moderated further to 4.66%, while market capitalisation rose to N13.351 trillion.
NPF Microfinance Bank Plc gained 8.66% to settle at N1.38, Union Diagnostic Plc appreciated 8.00% to 27kobo and Royal Exchange Plc surged 7.69% to 28kobo, topped the gainers’ chart at the close of the market today.
Meanwhile the top losers are ARDOVA Plc (-9.92% to N11.35), Chemical and Allied Products Plc (-9.74% to N15.75), and Consolidated Hallmark Plc (-9.38% to 29kobo).
On the NSE sector basis, Chapel Hill stated that the performance was broadly mixed but with a bullish bias as 3 of 5 coverage indices closed higher relative to the previous session.
Specifically, the NSE Banking, NSE Insurance, NSE Industrial indices notched higher by 0.76%, 0.45%, and 0.25%, respectively.
More so, the foregoing was more than enough to offset weaknesses across the NSE Oil & Gas and NSE Consumer Goods indices.
Both segment declined by 0.04% and 0.22%, respectively, driven by ARDOVA, Guinness Nigeria (-3.70%), and International Breweries (-4.11%).
The market activity was broadly negative as the volume traded moderated by 10.04% to 213mn units, valued at N2.278 billion.
The trio of Custodian Plc with 63.10 million units, Zenith Bank 17.73 million units, and Guinness Nigeria traded 13.69 million units were most traded stocks by volume.
Airtel Africa transacted N424.55 million, NESTLE did N346.06 million, and Zenith Bank N303.57 million as the top traded stocks by value.
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At the close of the market today, the Chapel Hill Denham’s Paramount Equity Fund and the Women Investment Fund both consolidated on the gains from the last session, notching higher by 95bps and 34bps, respectively.
Sustained Bullish Outing Lifts NSE Cap to ₦13.35 trillion
