The benchmark Index of the Nigerian Stock Exchange, NSE All Share Index, ASI today (Thursday) ended on the green note as it inched higher by 0.13 per cent or 13 bases points, bps to close at 26,824.50 points.
The improvement in the NSE Index led to a slight improvement in Year to Date YTD loss at -14.7 per cent.
Furthermore, market capitalisation improved by N43.6billion to settle at N12.9trillion. The market performance today (Thursday) was driven by gains in First Bank Nigeria Holding, FBNH (+4.6 per cent), Access Bank (+2.2 per cent) and Guaranty Trust Bank (+0.5 per cent).
Activity level strengthened as both volume and value traded increased by 60.0 per cent and 15.9 per cent to settle at 303.8million units and N1.7billion respectively.
The most traded stocks by volume were Law Union (151.7million units), UBA (20.4million units) and Access Bank (12.4million units) while the most traded stocks by value were Nestle Nigeria (N326.3million), Dangote Cement (N292.7million) and Zenith Bank (N193.1million).
Meanwhile, despite an uptick in the market, sector performance was bearish as only two of six sectors under our study gained. The Consumer Goods Index declined the most, down 30bps on the back of sell-offs in Dangote Sugar (-4.8 per cent).
Similarly, the Industrial Goods and Insurance indices trailed, losing 14bps and 1bp respectively, following sell-pressures in Dangote Cement which dropped by 0.4 per cent followed by LASACO Insurance which declined by -3.7 per cent and REGALINS -4.8 per cent. Conversely, the Oil & Gas and Banking Indices gained, up 0.7percent apiece as investors took a position in Oando gaining +6.3 per cent, followed by UBA (+0.5 per cent) and Access Bank (+2.2 per cent). Finally, the AFR-ICT closed the trading session flat.