Investors gain N174bn as market remains bullish

The equities market closed in the green yesterday as All Share Index (ASI) rose to 24,143.37 points due to gains in  Guaranty trust Bank (+9.3%), Zenith (+6.4%) and Nigerian Breweries (+10.0%).

Consequently, investors gained N174.1bn as market capitalisation rose to N12.6tn while year to date loss eased to -10.1%.

Activity level was mixed as volume traded rose 24.0% to 426.6m units and value traded fell 3.5% toN4.1bn.

The most active stocks by volume were FBNH (91.9m units), Zenith (63.4m units) and Access bank (55.9m units) while GTB (N1.0bn), Zenith (N994.8m) and FBNH (N448.1m) led the value chart.

Performance across sectors was bullish as all indices that were cover gained save the AFR-ICT index which closed flat.

The Banking and Insurance indices led gainers, up 5.3% and 3.7% respectively following price appreciation in GTB (+9.3%), Zenith (+6.4%), NEM (+9.1%) and Cornerstone (+9.3%).

In the same vein, the Consumer Goods and Oil & Gas indices appreciated 2.0% and 1.3% respectively on the back of gains in Breweries (+10.0%), Flourmill (+6.3%), Oando (+6.3%) and Ardova (+9.8%).

The Industrial Goods index also gained 64bps due to sustained buying in  WAPCO (+4.2%) and Dangote cement (+0.6%).

Investor sentiment surged to 8.8x from the 4.1x recorded in the previous session as 35 stocks gained relative to 4 losers.

The top gainers were Nigerian Breweries (+10.0%), Chi Plc (+10.0%) and Ardova (+9.8%) while CILeasing (-6.0%), UACN (-3.5%) and Union dac (-3.1%) were top losers.

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