Nigerian bourse: Bullish run extended in fifth consecutive trading

*ASI up 0.7% as banks stock remains most preferred…

The Nigerian equities market sustained its upbeat performance at the end of today’s trading session as the benchmark index grew 0.7% to settle at 29,276.59 points, while YTD gain increased to 8.9%, reports Afrinvest.

Today’s performance was buoyed by appreciations in banking stocks such as GUARANTY (+1.5%), FBNH (+8.0%), ZENITH (+1.9%) and ETI (+5.0%). Consequently, investors accumulated N73.3bn as market capitalization increased to N10.1tn. Similarly, market activity improved as volume and value traded grew 14.7% and 32.8% to 832.5m units and N7.6bn respectively.

Stocks of banks also emerged as most traded in terms of volume and value.

Diamond Bank stocks were the most traded with 194.2 million shares worth N184.75 million exchanging hands in 373 deals. Guaranty Trust bank followed with 76.5 million

Performance across sectors was broadly bullish as all indices appreciated save for the Oil & Gas index, which dipped 2.0% on account of declines in OANDO (-1.2%) and SEPLAT (-5.0%).

The banking index appreciated the most, up 2.2% on the back of gains in GUARANTY (+1.5%) and ZENITH (+1.9%) while increases in MANSARD (+9.5%) and CONTINSURE (+0.8%) buoyed the Insurance index, up 2.0%. Likewise, the Industrial Goods index added 0.7% due to upticks in DANGCEM (+0.2%) and WAPCO (+1.2%), while the Consumer Goods index inched 0.3% higher owing to gains in DANGSUGAR (+3.4%).

Investor sentiment, as reflected by market breadth (advancers/decliners ratio) improved to 1.7x (from 1.6x recorded on Friday) consequent on 29 advancers against 17 decliners. The top gainers were MANSARD (+9.5%), FBNH (+8.0%) and CCNN (+5.0%) while the top losers where SEPLAT (-5.0%), 7UP (-5.0%) and ENAMELWARE (-5.0%). As investor sentiment remains bolstered by positive developments in the economy, we believe the bullish trend will be sustained in trading sessions ahead.

In the NASD OTC exchange, total volume and value traded closed at 70,570 units and N5.3m respectively. Only five counters traded today- NDEP, AIRLIQ, CSCS and WAMCO. WAMCO accounted for 50.8% of total volume traded.

By Business a.m. live staff