Trading at the Nigerian Stock Exchange closed in bullish for the third consecutive trading session on Wednesday. The All-Share Index (ASI) advanced further by 0.85% to close at 26,837.42 points.
Similarly, the overall market capitalization size gained N119 billion to close today at N14.027 trillion.
- The upturn was impacted by gains recorded in large and medium capitalized stocks, including Total, MTN Nigeria, Guaranty Trust Bank, and Zenith Bank.
- A total volume of 322 million units of shares, valued at N4.03billion exchanged hands in 4,046 deals
STERLINGBANK was the most traded shares by volume at 83.6million units while ZENITHBANK topped by value at N443.3million.
- Investor sentiment as measured by market breadth was positive as 21 stocks advanced against 9 decliners. TOTAL (+10.00%) led the gainer’s chart, while NB (-6.76%) finished the top loser.
- Sector Performance was mainly positive as four of the five indices recorded gains.
- NSE Banking Index: Advanced by 1.93%, lifted by FCMB (+4.29%), GUARANTY (+3.70%) and ZENITHBANK (+2.00%).
- NSE Industrial Index: Gained 1.40%, on buy interest in DANGCEM (+2.81%).
- NSE Oil & Gas Index: Improved by 0.94%, on TOTAL (+10.00%) price appreciation.
- NSE Insurance Index: Up marginally by 31%, saved by WAPIC (+5.71%) and CUSTODIAN (+4.00%)
- NSE Consumer Goods Index: Down by -1.66%, on sell-offs in NB (-6.76%), PZ (-5.88%) and DANGSUGAR (-0.80%
- TOTAL up 10.00% to close at N96.8
- UACN up 9.45% to close at N6.95
- GTBank Plc up 3.70% to close at N28.05
- DANGCEM up 2.81% to close at N142.9
- MTNN up 1.18% to close at N129
Nigerian companies continued its bullish run for a 3-day running streak amid selling pressures in crude oil and global equities.
- The recent affirmation by a global financial rating agency,(Fitch Ratings) has revised the Outlook on Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B’ showing the worse seems to be over, as crude oil prices, Nigeria’s major earning is selling at a profitable price margin, coupled with the Foreign exchange restrictions on certain goods, have kept the nations foreign reserve fairly relatively stable.
- Also, significant buying pressures from blue-chip stocks which include Total, GTBank, MTN Nigeria, and Dangote cement kept the bullish momentum fired up on all cylinders
- In spite of the gains recorded in the past few weeks, Nairametrics envisages caution when choosing stocks to buy as the COVID-19 pandemic remain on major headlines around the world coupled with the rising cost of goods and services, dampening the morale of retail investors relatively.