The Nigerian equities market Wednesday maintained its gaining streak for the third day running due to a rally across sectors with Zenith Bank Plc., Guaranty Trust Bank Plc. and Dangote Cement Plc. driving the market.
Trading activities in the shares of the top companies impacted positively on the market turnover and value with the market capitalization appreciating by 3.6 percent, representing N517.1 billion to close at N14.8 trillion.
According to market statistics Zenith Bank recorded a gain of 6.7 percent, GTBank 5.1 percent and Dangote Cement gained 4.0 percent. The three equities have maintained substantial volume of traded shares.
Similarly, the bourse all-share index (ASI) gained 3.6 percent to settle at 41,816.11 points as against 40,362.97 points previously, while year-to-date (YTD) return expanded to 9.3 percent.
Sector performance was positive as all indices under our coverage closed in the green. The banking index led the gainers chart up 5.3 percent following sustained buying interest in GUARANTY (+5.1%) and ZENITH (+6.7%).
The Industrial Goods index trailed, closing the day 3.9 percent higher, largely on account of price appreciation in DANGCEM (+4.0%).
In the same vein, the consumer goods and insurance indices climbed 2.4 percent and 2.0 percent respectively due to gains in Nigerian Breweries (+4.3%), International Breweries (5.3%), Contisure Insurance (+4.8%) and NEM (+4.6%).
The oil & gas index also closed northwards, adding 0.9 percent on the back of uptick in CONOIL (+10.2%).
Investor sentiment- measured by market breadth (advance/ decline ratio) surged to 20.0x from 6.7x recorded the previous session as 60 stocks advanced against three decliners,
Following the sustained rally in the equities market, analysts and market watchers are positive of a near-term outlook while anticipating the possibility of profit taking in subsequent sessions.