The equities market sustained its positive close Tuesday as The Nigerian Stock Exchange All-Share- Index inched 2.2% higher to 44,054.72 while year-to-date (YTD) return improved to 15.2%. Consequently, Investors gained N335.2bn as market capitalisation settled at N15.8 trillion.
Today’s positive performance was largely driven by sustained buying interest in market bellwethers- DANGCEM (+2.0%), ZENITH (+4.7%) and FBNH (+10.2%). However, activity level was mixed as volume traded fell 13.0% to 635.4m units, while value traded advanced 21.2% to N7.6 billion.
Performance across sectors was largely bullish as four of the five indices closed northwards. The Industrial Goods index emerged the lone loser, down 0.4% largely due to selling pressures in WAPCO (-3.4%).
On the flip side, the Banking index appreciated the most, up 3.9% owing to a sector-wide rally. However, ZENITH (+4.7%), GUARANTY (+1.8%) and UBA(+5.0%) were the major drivers of this performance.
The Oil & Gas and Insurances indices trailed, rising 1.1% and 0.9% respectively on the back of gains in MOBIL (+5.0%), FORTE(+1.8%), MANSARD (+4.7%) and NEM (+4.5%). Similarly, price appreciation in DANGSUGAR (+5.0%), NIGERIAN BREWERIES (+0.3%) and GUINNESS (+4.6%) pulled the Consumer Goods index 0.3% higher.
Investors sentiment measured by market breadth (advance/decline ratio) strengthened to 2.9x from 1.0x recorded the previous trading day as 46 stocks advanced against 16 stocks that declined. The top-performing stocks were FBNH (+10.2%), STERLING (+10.0%) and DIAMOND (+10.0%), while HONYFLOUR (-6.0%), LAWUNION (-4.5%) and NPFMCRFBK(-4.2%) led laggards.
Going forward, we expect market performance to remain largely positive despite the possibility of profit taking by investors.
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