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Equities market opens bullish as investors gain N25bn

Trading hall of Nigeria Stock Exchange, Lagos.
Trading hall of the Nigeria Stock exchange, Lagos.

The stock market resumed the week positive as the All-Share-Index rose 21bps to close at 25,316.15 points following buying interest in Guaranty Trust Bank(+2.3 per cent), Dangote Sugar (+9.7 per cent) and BUA Cement (+0.7 per cent).

As a result, investors gained N25.2bn as market capitalisation settled at N13.2tn, while year-to-date return improved to -5.7 per cent.

Activity level weakened as volume and value traded declined 22.2 per cent and 40.9 per cent to 253.3m units and N2.6bn respectively.

The most active stocks by volume were FBNH (41.0m units) GTB (36.2m units), and Japaul Oil (25.4m units), while GTB (N887.5m), Zenith (N369.9m) and MTNN (N278.3m) led by value.

Performance across sectors under review were mixed as three indices gained, one lost, while the oil and gas and AFR-ICT indices were unchanged.

The banking index (+1.3 per cent) led gainers following price appreciation in GTB (+2.3 per cent), Access Bank (+1.4 per cent) and Zenith (+0.9 per cent).

Likewise, the industrial (+0.5 per cent) and consumer goods (+1.1 per cent) indices trailed due to buying interest in BUA Cement (+0.7 per cent) and Dangote Sugar (+9.7 per cent) respectively.

Profit-taking in Mansard (-8.9 per cent) drove decline in the insurance index (-0.9 per cent).

Investor sentiment as measured by market breadth strengthened to 2.7x from the 0.7x recorded in the previous session as 27 stocks advanced, while 10 declined.

The top gainers were NAHCO (+10.0 per cent), Japaul Oil (+10.0 per cent) and Dangote Sugar (+9.7 per cent), while FIDSON (-9.7 per cent), Stanbic (-9.2 per cent) and Mansard (-8.9 per cent) led the losers.

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