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Bullish equity market persists as NSE Index up by 1.07%

By Peter Egwuatu

The equity trading on the Nigerian Stock Exchange, NSE on Wednesday gained 1.07 percent, sustaining bullish run to three consecutive days.

Nigerian Stock Exchange
Nigerian Stock Exchange NSE

The performance was driven by gains in industrial goods stocks particularly Dangote Cement Plc (+4.4 percent), Guinness Nigeria (+9.7 percent) and UBA (+2.1 percent).

Specifically, the NSE All Share Index (ASI) went up by 323.15 absolute points, representing an increase of 1.07 percent, closing at 30, 460.68 points. Similarly, market capitalization increased by N120.50 billion representing a growth of 1.07 percent, closing at N11.36 trillion. Consequently, the Year to Date, YtD loss moderated to -3.1 percent.

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Activity level was however mixed as volume traded increased 1.9 percent to 305.8million units while value traded declined 35.3 percent to N2.1billion. The top traded stocks by volume were Diamond Bank (141.2millon units), Fidelity Bank (18.6million units) and Guaranty Trust Bank (17.4million units) while Guaranty Trust Bank (N577.7million), Zenith Bank (N357.1million) and Diamond Bank (N296.6million) were the top traded by value.

Market breadth closed at positive, recording 24 gainers and 16 losers. The top gainers were Sovereign Insurance Plc (+10.0 percent), VERITAS KAPITAL  (+10.0 percent) and Guinness Nigeria (+9.7% percent) while BETA GLASS(-10.0 percent),  Northern Nigeria  Flour Mills , NNFM (-9.2 percent ) and RESORTSAL (-8.8 percent ) were the top losers.

Analysts at  Afrinvest  Research said : “We are cautiously optimistic of the positive sentiment we observed in the last 5 trading sessions, hence we recommend strategic investment in fundamentally sound stocks in the short to medium term.”

Meanwhile, sector performance was mixed as three of five indices closed northwards. Among gainers, the Insurance index maintained the lead, up 2.3 percent due to bargain hunting in Custodian Investment (+9.4 percent), NEM Insurance (+9.6 percent) and WAPIC Insurance (+5.0 percent). The Industrial Goods and Consumer Goods indices trailed, rising 1.7 percent  and 0.2 percent  respectively on the back of buying interest in Dangote Cement (+4.4 percent), Guinness (+9.7 percent) and Honeywell Flour Mills (+9.6 percent).

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On the other hand, the banking and oil & gas indices declined, down 0.7 percent and 0.1 percent respectively dragged by losses in Guaranty Trust Bank (-2.7 percent ),  First Bank Nigeria Holding FBNH (-2.0 percent ) and OANDO (-3.3 percent).

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