With 1.1% Index Raise, Nigerian Equities Market Sustains Bullish Trend
Nigerian equities market sustained its bullish trend on Tuesday, with the performance indicators rising by 110 basis points or 1.1 percent on the back of buying interest in the shares of MTNN (+5.5%), SEPLAT (+9.9%), and GEREGU (+3.6%).
While the Index advanced by 110 basis points to 65,988.81 points, the market capitalization appreciated by an equal percentage of ₦392.3 billion to ₦35.9 trillion.
As a result, the year-to-date (YTD) return improved to 28.8 percent (previously 27.4%), while the month-to-date return improved to +8.2 percent (previously +7.1%).
However, the market activity level tumbled as volume and value traded declined 33.4 percent and 42.6 percent to ₦553.5 million and ₦7.4 billion respectively, and exchanged in 8,313 deals. JAPAULGOLD was the most traded stock by volume at 72.49 million units, while GTCO was the most traded stock by value at ₦1.70 billion.
Sectoral analysis showed that three indices gained while the other 3 lost. Leading the gainers, the Oil & Gas and AFR-ICT indices rose 3.3 percent and 2.9 percent driven by buying interest in SEPLAT (+9.9%), JAPAULGOLD (+9.8%) and MTNN (+5.5%).
Following closely, the Banking index gained 45bps following a price uptick in ZENITH (+0.9%) and FIDELITY (+1.8%).
Conversely, price depreciation in CORNERST (-8.3%), LINKASSURE (-2.9%), FLOURMILL (-0.5%), HONYFLOU (-1.2%), and WAPCO (-2.6%) weighed on the Insurance, Consumer and Industrial Goods indices by 6bps, 2bps and 14bps respectively.
A total of 31 stocks advanced, 30 declined, and 54 closed flat. IKEJAHOTEL (+10.0%) and FTNCOCOA (+10.0%) recorded the highest gains of the day, while CONOIL (-10.0%) and LEARNAFRCA (-10.0%) topped the losers’ list.
Yesterday, the equities market had opened the week positively as demand for STANBIC (+10.0%), and FBNH (+9.8%) drove the All-Share Index higher by 0.4 percent to 65,268.28 points. The total volume traded yesterday had increased by 7.9 percent to 831.50 million units, valued at ₦12.94 billion, and exchanged in 9,768 deals. FBNH was the most traded stock by volume and value at 346.99 million units and ₦7.44 billion, respectively.
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