Positive sentiments persist as equities market records 8th consecutive gain

Positive sentiments persist as the local bourse recorded its eighth consecutive daily gain after closing the day trade with 1.40 per cent appreciation, leaving the market capitalization at N12.582 trillion.

With the gains spurred by investors’ interest in some Tier 1 bank names, Nigerian Breweries and Dangote Cement, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) increased by 1.40 per cent to 24,143.37 points. Accordingly, Month-to-Date gain increased to 4.9 per cent, as Year-to-Date losses moderated to -10.1 per cent.

The total volume of trades increased by 23.6 per cent to 426.64 million units, valued at N4.10 billion and exchanged in 7,384 deals. FBN Holdings was the most traded stock by volume at 91.92 million units, contributing 21.55 per cent to the overall volume of shares traded, while Guaranty Trust Bank was the most traded stock by value at N1.05 billion.

The positive performance in the market today was reflective in the sectors, as all sectoral indices posted gains. The Banking index led the gains, as Guaranty Trust Bank and Zenith Bank appreciated by 9.3 per cent and 6.4 per cent to close at N22.35 Kobo and N15.80 Kobo per share respectively.

The Insurance sector also gained 3.7 per cent, Consumer Goods index increased by two per cent following Chi and Nigerian Breweries’ gain; Oil and Gas index advanced by 1.3 per cent as Ardova stocks appreciated by 9.84 per cent; and Industrial Goods index 0.6 per cent, following 9.57 per cent appreciation in CAP’s stocks.

Market sentiment, as measured by market breadth, was positive as 35 stocks recorded gains, relative to 4 losers.

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