Domestic equities market extends gains by 0.2%

The domestic equities market, Nigerian Stock Exchange (NSE), extended gains into the third consecutive trading session following price appreciation in Stanbic IBTC (5.0 percent), Guaranty Trust Bank (1.9 percent) and Access Bank (0.8 percent).

As a result, the all-share index (ASI) rose by 0.2 percent to settle at 24,882.04 points, compared to Tuesday’s 24,841.94 points.

Investors gained N20.9 billion against N39.6 billion gained on Tuesday while market capitalisation increased to N13.0 trillion.

Month-to-date (MTD) increased by 0.8 percent while year-to-date (YTD) loss eased to -7.3 percent, a further decline from -7.5 percent on Tuesday.

Activity level surged as volume and value traded advanced by 148.2 percent and 167.1 percent to 383.3 million units and N3.9bn, respectively.

This was in contrast to Tuesday’s trading session where volume traded declined by 17.2 percent to 154.4 million units, while value traded advanced 11.3 percent to N1.5 billion.

The top traded stocks by volume were FBN Holdings (66.4 million units); Access Bank (59.2 million units) and Zenith Bank (30.8 million units).

Presco (N1.3 billion); Zenith Bank (N521.2 million); and Access Bank (N378.8 million) were the top traded stocks by value.

Performance across NSE top five sectors remained bullish as 4 of 5 indices closed positive.

The banking and oil & gas indices rose by 0.1 percent apiece due to price appreciation in Stanbic IBTC, Guaranty Trust Bank (GTB); and 11 Plc, formerly Mobil Plc, (0.9 percent), and Japaul Oil (4.8 percent).

Similarly, the consumer and industrial goods indices appreciated 0.01 percent apiece owing to bargain hunting in PZ (1.8 percent) and Chemical and Allied Products Plc (9.7 percent).

Conversely, the insurance index was the lone laggard, falling 0.01 percent following a loss in Lasaco Assurance (-4.0 percent).

Meanwhile, market breadth weakened as 18 stocks advanced against the 12 decliners.

The top gainers were Chemical and Allied Products Plc, UACN Property Development Company (9.5 percent) and GlaxoSmithKline (6.2 percent)

Eterna Plc (-9.0 percent), Livestock Feeds Plc (-4.6 percent) and Mutual Benefits Assurance Plc (-4.5 percent) were the top losers.