Nigeria’s stock market on Tuesday sustained interest in most high cap stocks. Transactions on the equities side continued the upbeat trend today, causing the All-Share Index (ASI) to rise further by 1.09 per cent to close at 24,202.87 index points. Also, overall market capitalization gained N136 billion to close at N12.441trillion.
- The upward trend was impacted by gains recorded in large and medium capitalised stocks, amongst which were: Dangote Cement, Guaranty Trust Bank, Okomu Oil and Unilever.
- Consequently, market breadth closed positive, recording 29 gainers against 8 losers. Okomu Oil recorded the highest price gain of 9.99 per cent to close at N64.40 per share.
- The total volume of trades increased by 2.65 per cent to 339.75 million units, valued at N3.92 billion and exchanged in 3,573 deals.
- The most active stock by volume was Access Bank (80.6m units), while Guaranty Trust Bank (N971.9bn) led the value chart.
- All the sectors under our coverage recorded gains. Notably, the Banking sector (+2.08%) topped the list, with FIDELITYBK (+5.2%) and GUARANTY (+2.42%) gaining. The Industrial (+0.78%) and Insurance sectors (+0.41%) followed suit, on the back of gains recorded in DANGCEM (+2.79%) and AIICO (+5.6%).
- In the Consumer goods (+0.33%) and Energy sectors (+0.24%), UNILEVER (+9.85%) and OANDO (+1.89%) drove the gains, respectively.
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Top gainers
OKOMUOIL up 9.99% to close at N64.4; UNILEVER up 9.85% to close at N15.05; PRESCO up 3.62% to close at N41.5; DANGCEM up 2.79% to close at N147.5; GUARANTY up 2.42% to close at N23.3.
Top Losers
LASACO down 8.00% to close at N0.23; NAHCO down 4.51% to close at N2.33; INTBREW down 3.00% to close at N4.85; WAPCO down 0.44% to close at N11.3, and FIDSON down 0.32% to close at N3.1.
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Outlook
The positive sentiment in Nigeria’s stock market came as crude oil prices sustained recovery, with the gradual return of normal life after months of lockdowns, which initially changed the demand pattern for crude oil.
Nairametics expects this bullish trend to continue short term in the face of profit-taking, price adjustment, qualification dates and positioning as players react to impressive corporate earnings and dividend payouts.