Stock Market Sustained Positive Momentum Lifts All-Share Index
The Nigerian Stock Exchange continues its bull run as the equities segment sustained a positive performance.
Week to date, the All-Share index gained 0.25% to close at 25,267.82 points.
Consequently, market capitalisation advanced ₦32.9 billion to settle at ₦13.2 trillion.
Year to date loss then moderated to -5.9%.
Activity level improved as average volume and value traded rose 39.3% and 41.6% to 418.5m units and ₦4.5 billion respectively.
The most traded stocks by volume were FBNH (318.6m units), ZENITH (161.7m units) and GUARANTY (160.1m units).
However, in terms of value, GUARANTY led the pack with ₦3.9 billion, ZENITH did ₦2.0 billion and DANGCEM ₦1.8 billion.
Meanwhile, Afrinvest stated that performance across sectors was bullish week to date as 5 of 6 indices under its analysts coverage gained, save the Oil & Gas index which lost 0.3%.
The Insurance and Industrial Goods indices topped the gainers, recording respective gains of 3.7% and 3.1% following price appreciation in MANSARD (+18.7%), CUSTODIAN (+7.7%) and BUACEMENT (+7.7%).
Similarly, the Consumer Goods (+2.3%), AFR-ICT (+0.5%) and Banking (+0.4%) indices gained, following price upticks in GUINNESS (+12.7%), CADBURY (+10.2%), MTNN (+0.9%), STERLING (+3.0%) and FBNH (+2.9%).
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 1.6x from 6.8x last week as 32 stocks gained against the 20 that lost.
NEIMETH (+31.4%), MANSARD (+18.7%) and CUTIX (+14.7%) recorded the best performance.
Then, REGALINS (-13.0%), LEARNAFRICA (-9.6%) and ETI (-8.9%) were the top losers.
“As a result of a long gaining streak, we see opportunities for bargain hunting next week”, Afrinvest stated.
Stock Market Sustained Positive Momentum Lifts All-Share Index.
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source https://dmarketforces.com/stock-market-sustained-positive-momentum-lifts-all-share-index/