Nigerian Stock market started the week on positive as the All-Share-Index rose by 0.12% to close at 24,858.89 index point. Consequently, investors gained N15.588 billion as market capitalization rose to N12.952 trillion.
Market upturn was paired with mixed activity levels, as total volume improved by 158.71million units while value dipped by -24.06% to N1.63billion. GUARANTY was the most traded by volume and value today at 17.831 million units and N401.07 billion.
Market sentiment, as measured by market breadth, was however negative, as 29 stocks declined, relative to 18 gainers. UNILEVER and ARDOVA were the top losers of the day with 10.00% and 9.96% price depreciation, while CUTIX and OKOMUOIL recorded the largest gains with 10.00% apiece appreciation in share value.
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Across sectors, three of the five indexes under our coverage closed in the red. Appreciation in OKOMUOIL (+10.00%), UACN (+7.38%) and NESTLE (+4.73%) moved the Consumer Goods index up by 1.86%. Also, the Insurance index advanced 0.23% following gains recorded in REGALINS (+10.00%), WAPIC (+9.38%) and NEM (+300%).
Conversely, the Banking index was down 1.24% on the back of sell-offs in ETI, UBA and GTB. Consequently, the NSE Oil & Gas and Industrial index declined by -0.62% and -0.14%, impelled by losses in ARDOVA (-9.96%), ETERNA OIL (-9.68%) and WAPCO (-1.82%).
Top gainers
OKOMUOIL up 10.00% to close at N70.4, PZ up 9.09% to close at N4.2, FIDSON up 7.38% to close at N3.2, NESTLE up 4.73% to close at N1256.8, UACN up 7.38% to close at N8.
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Top losers
UNILEVER down 10.00% to close at N15.3, ARDOVA down 9.96% to close at N11.75, NASCON down 7.76% to close at N10.7, GLAXOSMITH down 5.98% to close at N5.5, GUARANTY down 1.54% to close at N22.35.
Outlook
Nigerian bourse rebounded from the bearish sentiment seen in early Monday’s trading sessions as NESTLE, OKOMUOIL boosted the market to finish green.
However, Nairametrics envisage cautious buying as large sell-offs were recorded in Nigerian top tier-1 banks.
