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Nigeria: Stock Market Maintains Positive Trend, Appreciates By N459.12 Billion in Two Days

nigeria stock market maintains positive trend appreciates by n459 12 billion in two days

Transactions on the Nigerian equities market yesterday closed on a positive note to maintain the previous day’s bullish sentiment, as investors investment soar by N459.12 billion in two days.

The stock market in the previous day appreciated by N317.5billion and yesterday it also gained N141.6 billion.

Yesterday’s trading upturn was buoyed by investors’ buy-sentiment in some blue-chip stocks like Airtel Africa, GTCO, Zenith Bank Plc and Oando Plc.

Consequently, the Nigerian Exchange Limited (NGX) All Share Index (ASI) increased by 271.84 basis points, representing a growth of 0.69 per cent to close at 39,448.46 basis points from 39,176.62 basis points.

Similarly, the market capitalisation gained N141.6 billion to close at N20.553 trillion from N20.412trillion.

In addition to the two days appreciation, stock market performance Month-to-Date increased to +2.3per cent, while the Year-to-Date loss moderated to -two per cent.

Analysing by sectors, the Banking (+0.5per cent) and Oil and gas (+0.1 per cent) indices recorded gains, while the Insurance, Industrial Goods, and Consumer Goods indices closed flat.

As measured by market breadth, market sentiment was positive, as 20 stocks gained, relative to 15 losers. Pharma Deko recorded the highest price gain of 9.17 per cent, to close at N1.19, per share. Neimeth International Pharmaceuticals followed with a gain 8.61 per cent to close at N1.64, while Ikeja Hotel appreciated by 7.69 per cent to close at N1.40, per share.

Livestock Feeds went up by 6.84 per cent to close at N2.03, while Linkage Assurance appreciated by 6.78 per cent to close at 63 kobo, per share. On the other hand, FTN Cocoa Processors led the losers’ chart by 8.89 per cent to close at 41 kobo, per share. Wema Ban followed with a decline of 7.32 per cent to close at 76 kobo, while May and Baker Nigeria lost 6.38 per cent to close at N4.40, per share.

Mutual Benefits Assurance shed 5.56 per cent to close at 34 kobo, while Veritas Kapital Assurance depreciated by 4.17 per cent to close at 23 kobo, respectively.

The total volume of trades declined by 61.8 per cent to 181.42 million units, valued at N2.08 billion, and exchanged in 3,599 deals.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 20.488 million shares valued at N19.342 million. ETI followed with 17.542 million shares worth N97.995 million, while FCMB Group traded 15.311 million shares valued at N48.209 million.

Sterling Bank traded 14.137 million shares valued at N22.239 million, while United Bank for Africa (UBA) transacted 10.939 million shares worth N83.386 million.

Analysts at Afrinvest Limited said:”We expect the bullish performance to be sustained in the next trading session, as investors continue to trade on company specific fundamentals.”