STOCKS APPRECIATE N101.8 BILLION AS NIGERIAN EXCHANGE RALLY

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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.

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