Dangote, FUGAZ lead the bulls to close Nigerian stock market green

Nigerian stock market has sustained its positive stance, as it closed the market with 1.03%  appreciation, increasing market capitalization to N12.743 trillion, while the All-Share Index (ASI) settled at 24,452.23 index points. Accordingly, Year-to-Date losses moderated to 8.8%.

• Today’s uptrend was impacted by gains recorded in blue-chip stocks like Tier one banking stocks and industrial giant, DANGCEMENT.
• The activity level mirrored the overall index, as total volumes and values of shares exchanged increased by 28.57% and 37.99% respectively, to 436.83 million units and N5.41 billion.
• ZENITH BANK (+4.10%) finished as the most active in today’s trading to boost market turnover by 75million units of shares valued at N1.217 billion.
• Market sentiment, as measured by market breadth, closed positive, recording 37 gainers against 5 losers. REDSTAREX recorded the highest price gain of 10.00% to close at N3.41 per share.

(READ MORE: Dangote, GTBank, Unilever, Okomu Oil drive the bullish train with N136 billion)

• All the sectors under our coverage recorded gains. Notably, the Banking sector (+2.81%) topped the list as STANBIC, ZENITHBANK, UBA, GUARANTY, and FCMB all gained.
• The Insurance (+1.67%) and Industrial sectors (+1.33%) followed suit, on the back of gains recorded in AIICO (+4.21%), WAPIC (+6.90), BUACEEMENT (+1.89%) and DANGCEMENT (+1.69%).
• In the Oil & Gas (+0.12%), and Consumer Goods sectors (+0.10%), OANDO (+1.09%) and UACN (+4.32%) drove the gains, respectively.

Top gainers 

ZENITHBANK up 4.10% to close at N16.5; GUARANTY up 2.36% to close at N23.85; BUACEMENT up 1.89%  to close at N32.4; DANGCEM up 1.69% to close at N150; and STANBIC up 1.08% to close at N32.85.

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Top losers 

UNITYBNK down 3.85% to close at N0.5; UNIONDAC down 3.23% to close at N0.3; WAPCO down 2.65% to close at N11; WEMABANK down 1.72% to close at N0.57; and ACCESS down 0.76% to close at N6.55

Outlook 

Nigerian stocks continue to trend north, for the second consecutive session. In a repeat performance of Tuesday’s session, market sentiments have been overwhelmingly positive.

Nairametrics, as early forecasted, sees a bullish run on the short term, as institutional investors take positions in Nigeria’s stock market.