Stock market trading ended bullish as 26 firms gain
Stock market trading ended bullish as 26 firms gain.
Nigerian Breweries Plc lead the list of 26 gainers that delivered a gain of N77.5bn to investors in the Nigeria’s stock exchange.
The market extended its positive performance to the second consecutive session after declining on Monday as the market capitalization of equities listed on the Nigerian Stock Exchange increased from N12.084tn on Tuesday to N12.162tn on Wednesday.
The All Share Index improved by 0.64 per cent to 32,614.06 basis points as the year-to-date gain increased to 3.8 per cent.
Activity level also strengthened as 443.784 million shares valued at N5.642bn exchanged hands in 4,697 deals, representing a 22.4 per cent and 35.6 per cent in volume and value traded, respectively.
The top traded stocks by volume were Sterling Bank Plc (105.8 million units), Guaranty Trust Bank Plc (37.4 million units) and United Bank for Africa Plc (33 million units), while GTB (N1.4bn), Nestle Nigeria Plc (N1.2bn) and Zenith Bank (N434m) were the top traded stocks by value.
Performance across sectors was bullish as four sectors closed in the green.
The consumer goods index was the biggest gainer of the day, advancing by 1.4 per cent on the back of buying interest in Nigerian Breweries and Dangote Flour Mills Plc.
The insurance index improved by 1.2 per cent following major gains in Prestige Assurance Plc and Law Union and Rock Insurance Plc.
The oil and gas and banking indices rose by one per cent and 0.8 per cent respectively due to gains in 11 Plc, Eterna Plc, Zenith Bank and GTB.
On the flip side, the industrial goods index was the lone loser as it recorded a decline of 0.1 per cent.
Investor sentiment strengthened to 1.6x from 1.1x recorded on Tuesday as 26 gainers outnumbered 16 losers.
The top five gainers for the day were Nigerian Breweries, Caverton Offshore Support Group Plc, Jaiz Bank Plc, Prestige Assurance and Law Union and Rock Insurance, as their share prices gained 10 per cent, 9.25 per cent, 8.93 per cent, eight per cent and 7.84 per cent, respectively.
The top five losers were Goldlink Insurance Plc, Custodian Investment Plc, Africa Prudential Mortgage Bank Plc, Unity Bank Plc and GlaxoSmithKline Nigeria Plc, which saw respective losses of 9.43 per cent, 6.87 per cent, 4.58 per cent, 3.88 per cent and 3.75 per cent in their share prices.
Analysts at Afrinvest Securities Limited said, “Following two consecutive sessions of positive performance, we do not rule out the possibility of profit-taking in subsequent sessions this week.”