Stocks appreciate by N101.8 billion Tuesday as the Nigerian Exchange (NGX) rally after a downturn reported yesterday. Renewed barraging hunting at the local bourse reversed yesterday’s losses on the back of buying interests in DANGCEM (+2.3%), OKOMUOIL (+10.0%) and DANGSUGAR (+2.9%) as the All-Share index increased by 0.5% to 38,881.70 points.

Consequently, year to date loss improved to -3.4% while market capitalisation printed at ₦20.3 trillion. Market data shows that trading activity improved as volume and value traded rose by 3.7% and 6.0% to 218.5 million units and ₦1.6 billion respectively.

The most traded stocks by volume were COURTVILLE (35.8 million units), FIDELITY (26.6 million units), and ZENITH (15.3 million units) while ZENITH (₦349.3 million), GUARANTY (₦291.3 million), and DANGCEM (₦107.8 million) led by value.

Mixed Sector Performance

Afrinvest said performance across sectors under its coverage was mixed as 3 indices lost while 3 indices gained. The Insurance index led the laggards, down 1.0% due to selling pressure on MANSARD (-2.3%) and REGALINS (-8.2%).

Similarly, the Banking and AFR-ICT indices lost 5 basis points and a basis point respectively due to price depreciation in ACCESS (-0.6%), FBNH (-0.7%), and CWG (-9.4%). Conversely, the Industrial Goods index led the gainers, up 1.1% following price appreciation in DANGCEM (+2.3%).

Similarly, the Consumer Goods and Oil & Gas indices rose by 0.6% and 0.1% respectively on the back of buying interests in FLOURMILL (+2.5%), UNILEVER (+3.9%), ETERNA (+2.6%), and OANDO (+0.3%).

Investor Sentiment Strengthens

Investor sentiment as measured by market breadth (advance/decline ratio), strengthened to 0.9x from 0.5x in the last trading session as 15 stocks advanced while 17 stocks declined.

OKOMUOIL (+10.0%), LEARNAFRICA (+9.0%) and CHAMPION (+4.7%) led gainers while CWG (-9.4%), REGALINS (-8.2%), and VERITASKAP (-7.7%) led decliners.

“In the coming trading session, we anticipate the domestic bourse would extend its positive performance driven by bargain hunting”, Afrinvest said.


Please enter your comment!
Please enter your name here