November 28, 2019

Stock market extends bullish sentiment to 3 consecutive sessions

equities,week, Stock market

Nigerian Stock Exchange

Nigerian Stock Exchange

By Peter Egwuatu

The equity market on the Nigerian Stock Exchange, NSE Thursday gained 0.36 percent, extending bullish sentiment to three consecutive trading sessions in the week.

The positive sentiment was driven by gains on Guaranty Trust Bank Plc, MTN Nigeria, Dangote Cement Plc and 18 others.

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Consequently, the market breadth closed positive, recording 21 gainers as against 12 losers.

Thus, the Month-to-Date return increased to +1.96 percent while the Year-to-Date, YtD loss moderated to -14.50 percent.

In summary, the NSE All-Share Index (ASI) increased by 95.94 absolute points, representing a growth of 0.36 percent to close at 26,872.09 points.

Similarly, the overall market capitalization size gained N46.30 billion, representing a spike of 0.36 percent to close at N12.97 trillion.

Cornerstone Insurance Plc emerged as the top gainer, while Cement Company of Northern Nigeria, CCNN emerged as top loser.

The total volume of trades decreased by 10.5 percent to 239.22 million units, valued at N2.28 billion and exchanged in 3,585 deals.  First Bank Nigeria Holding, FBNH was the most traded stock by volume and value at 74.03 million units and N558.42 million respectively.

Meanwhile, all sector Indices closed in green, with the exception of the Industrial Goods Index which drop by -2.39 percent. The Oil & Gas Index up by+1.08 percent, Consumer Goods +0.57 percent, Banking +0.05 percent and Insurance Index +0.03 percent.

Market sentiment, as measured by market breadth, was positive. Cornerstone Insurance went up by (+10.00 percent) and Oando (+9.89 percent) recorded the largest gains, while CCNN lost -10.00 percent and Jaiz Bank declined by -8.00 percent.