By Peter Egwuatu
The stock market today close in the green for the second successive day of the week on the back of a late rally in the banking sector as the Nigerian Stock Exchange , NSE All Share Index up by 0.14 percent or 14 bases points, bps.
Specifically, First Bank Nigeria Holding, FBNH gained +815 bps followed by UBA +764 bps. FCMB garnered +464 bps while, Access Bank appreciated by 355 bps among other equities which ended the day higher.
Gains in Nigerian Breweries, NB (+612bps) and Conoil (+947bps) also supported the higher close. The ASI was over 100 bps up towards market close but a late dip in MTN N Nigeria (-241bps) cut back the gains significantly to leave the market closing at +14bps.
Volume and value traded were lower today relative to the previous session, while market breadth remained positive for the third trading day this week.
Meanwhile, sector performance was largely bullish as four of six Indices captured advanced. The Banking and Consumer Goods Indices gained the most, advancing 1.8 percent and 1.3 percent respectively, due to buying interest in FBNH (+8.2 percent), UBA (+7.6 percent), NB (+6.1 percent) and PZ (1.0 percent).
Also, gains in NEM Insurance (+5.0 percent) and Conoil (+9.5 percent) buoyed the Insurance and Oil & Gas indices, up 0.2 percent and 0.1 percent respectively.
Meanwhile, sell-offs in WAPCO (-1.0 percent), Dangote Cement (-0.6 percent) and MTN Nigeria (-2.3 percent) dragged the AFRI-ICT and Industrial Goods indices down 1.3 percent and 0.5 percent.
Reacting on stock market performance, analysts at Afrinvest Research said: “We expect the renewed interest in the market to continue although, it may be short-lived.”