Nigerian Stocks continued their upward trend as seen at the end of the Tuesday trading session.
The All Share Index recorded a 1.10% gain to close at 35,225.22 index points. Investors also gained N200.77 billion at the close of trading.
Consequently, market capitalization and year to date return settled at N17.78 trillion and 30.91% respectively. A total volume of 264.2million units of shares, valued at N2.94billion exchanged hands in 4,354 deals.
- ACCESSBANK was the most traded shares by volume at 36.4million units, while ZENITHBANK topped by value at N538.6million
- The market breadth index was positive with 28 gainers against 15 losers. WAPCO led the gainers’ list today, while VANLEER topped the laggards.
- The sectorial performance was positive as the Insurance, Industrial, Banking, and Energy indexes advanced by +3.50%, +2.40%, +2.04%, and 0.42% respectively.
- Conversely, the Consumer Goods index fell by -0.09%. Sector performance NSE Insurance Index: Up by +3.50%, on price appreciation in MANSARD (+9.38%) and AIICO (+4.35%).
- NSE Industrial Index: Rose by +2.40% due to the gains in WAPCO (+7.14%) and DANGCEM (+3.72%).
- NSE Banking Index: Advanced by +2.04%, on gains in ETI (+4.20%), ZENITHBANK (+3.98%), and GUARANTY (+1.67%).
- NSE Oil & Gas Index: Improved by +0.42%, as JAPAULGOLD (+8.00%) and OANDO (+5.07%) closed north.
- NSE Consumer Goods Index: Fell marginally by -0.09%, due to the price decline in INTBFREW (-3.09%).
Top gainers
- WAPCO up 7.14% to close at N22.5
- ZENITHBANK up 3.98% to close at N23.5
- DANGCEM up 3.72% to close at N195
- GUARANTY up 1.67% to close at N33.55
- GUINNESS up 1.98% to close at N18
Top losers
- VANLEER down 9.89% to close at N8.2
- REDSTAREX down 9.76% to close at N3.05
- FCMB down 4.97% to close at N2.87
- INTBREW down 3.09% to close at N6.27
- ARDOVA down 1.23% to close at N12.05
Outlook
Nigerian bourse continued its bullish run amid Nigeria’s latest inflation figure revealing the highest rate recorded in 34 months since January 2018, when the rate stood at 15.13%.
- Bulls seem to be rallying high amid soaring optimism from institutional investors, and high buying pressure noticed in many Nigerian blue-chip stocks that include Dangote Cement, WAPCO, Zenith Bank, and GTBank.
- However, Nairametrics expects you to seek the advice of a certified stockbroker when choosing stocks to buy, as some of these stocks exhibit cyclic returns in principle.
