The Nigerian equities market Tuesday extended gains recorded in prior trade as benchmark index, the Nigerian Stock Exchange All-Share Index (NSEASI), closed 37,854.92 after gaining 2.46 percent or 907.82 points.
Accordingly, month-to-date losses were erased to a gain of 1.11 percent and year-to-date losses moderated to -0.93 percent.
The day’s positive performance is attributed to gains in bellwether stocks, which characteristically sway overall market in whatever turn they take, such as Dangote Cement (2.24%) and Nigerian Breweries (5.0%). Big banking caps including Access Bank (+1.88%), FBN Holdings (+4.76), Guaranty (+3.96), UBA (+2.73) and Zenith (+4.04) similarly drove market performance on the day.
Sectoral analysis of the day’s trade revealed the industrial (+3.21%) banking (+3.19%), consumer goods (+2.70%) and insurance (+0.24%) indices recorded gains, while the oil and gas index was the sole loser for the day with a decline of 0.56 percent.
Market breadth was positive with 39 stocks posting gains while 15 posted declines.
Oando led the day’s gainers chart with a share price increase of 9.84 percent while HMarkins led the laggards following a 6.67 percent decline in its share price on Tuesday.
Total volume of trades were higher while value was lower as 339 million units of shares worth N5.964 billion were traded in 4,436 deals in contrast to 314.43 million units and N7.03 billion, exchanged in 6,016 deals on Monday.
Dolapo Ashiru, an equities market analyst, sees sentiments mixed in coming sessions.
“The market recovery is temporary. We saw a situation where the market and stock prices had fallen for 11 consecutive days, after that it’s natural for the market to stabilise and come up again.
“We may see a lot of this till we start getting Q2 results. The Q2 results may give a bump to the market, but for the most of the rest of this month, we will see the market hovering between 3 days up and 2 days down, more like a mixed pattern,” he said.