NSE: Positive sentiments persist as market closes with marginal increase

Sentiments remained positive in the domestic equities market, the market closes with a marginal increase of 0.1 per cent, as market capitalisation adds N12.8 billion to close at N13.25 trillion on Wednesday.

The positive trade was buoyed by investors’ interest in MTN Nigeria shares, despite the profit-taking witnessed across Access Bank and Dangote Cement.

Precisely, the All-Share index advanced by 0.1 per cent to 25,407.96 points, consequently, Month-to-Date return increased to 0.6 per cent, as Year-to-Date losses moderated to -5.3 per cent.

Analysts at APT Securities noted that aside from positive sentiment by value investors, foreign portfolio and cooperate actions are two major factors driving the positive rally in the equity space at this time. “How sustainable these will be is quite marginally. All things being equal Investors are advised to take a medium to long term position in order to erase panic selling.”

The total volume of trades, however, decreased by 6.5 per cent to 353.33 million units, valued at N7.04 billion and exchanged in 4,659 deals. FBN Holdings was the most traded stock by volume at 50.29 million units, followed by Nigerian Breweries and Guaranty Trust Bank; while Dangote Cement was the most traded stock by value at N2.08 billion, followed by Nigerian Breweries and Guaranty Trust Bank.

The sectoral performance was the opposite of market performance, as all sector indices closed negative, save for the Insurance index that gained, and the Oil and Gas index that traded flat. Banking, Consumer Goods and Industrial goods indices all declined by 0.6 per cent, 0.4 per cent and 0.2 per cent.

Market sentiment, as measured by market breadth, was negative as 17 stocks gained while 19 recorded loss. PZ and C&I Leasing were the top losers of the day, while Neimeth Pharmaceuticals and Presco recorded the largest gains for the day.

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