The Nigerian Stock market continued its upward trend, as the benchmark All Share Index recorded an impressive 2.11% increase to close at 27,554.49, a three-month high. Investors gained N297.32 billion, as market capitalization rose to N14.402 trillion at the close of trading.
Market turnover improved as volume and value traded increased by 31.38% and 72.66% respectively to 603.9 million and N7.42 billion in 5,984 deals. ZENITH, STERLBANK, and UBA were the most active to boost market turnover, while ZENITH & GUARANTY topped market value list.
- Investor sentiment as measured by market breadth, was positive as 36 stocks advanced against 10 decliners. GUINNESS (+7.14%) led the gainer’s chart for the day, while OANDO (-8.73%) finished the top loser.
- Sector performance was bullish as all indices appreciated, led by a striking 3.37% gain in the Banking Index.
- NSE Banking Index: Recorded an impressive 3.37% gain, on positive sentiments in FIDELITY (+8.33%), FBN (+6.73%), and ZENITH BANK (+5.26%).
- NSE Insurance Index: UP by 2.04%, on price appreciation in WAPIC (+8.33%), AIICO (+6.33%), and CUSTODIAN (+2.88%)
- NSE Oil & Gas Index: Increased by 0.84%, on the back of the gains in ARDOVA (+6.36%), and SEPLAT (+2.50%).
- NSE Industrial Index: Up 0.38%, on WAPCO (+5.61%) upturn.
- NSE Consumer Goods Index: Gained 0.38%, on buy interest in GUINNESS (7.14%) and DANGSUGAR (+2.33%)
Top gainers
- GUINNESS up 7.14% to close at N15
- AIRTELAFRI up 5.32% to close at N400.2
- MTNN up 3.85% to close at N135
- PRESCO up 3.77% to close at N55
- SEPLAT up 2.50% to close at N410
Top losers
- OANDO down 8.73% to close at N2.09
- UAC-PROP down 6.52% to close at N0.86
- UBN down 2.00% to close at N4.9
- UACN down 0.77% to close at N6.45
- NB down 0.41% to close at N48.8
Outlook
Nigerian Stocks fired up on all cylinders, amid buying pressures from top NSE30 Stocks like Airtel and MTN Nigeria.
- Also, local investors caught the bullish trend wagon seen in global equities, on the back of the news that, the world’s most powerful political leader, could be discharged from the hospital later in the day, easing some of the uncertainty that shook global financial markets in the previous session.
- In addition, Nigerian oil stocks like Seplat gained relatively with Brent crude prices trading above $40/ barrel and U.S. West Texas
- Intermediate (WTI) is above its critical support level of $38.50/barrel.
- Nairametrics however envisages cautious buying, as geopolitical uncertainty remained clouded around global financial markets.