Nigerian Exchange Opens Positive as All-Share Index Rises 0.47%

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Nigerian Exchange (NGX) sustains positive tempo into the second trading session as the All-share index gains 0.47% to close at 38,437.88bps. Bargain hunting activities brought the year-to-date performance of the All-Share Index to stand at -4.55%.

Buying opportunities were spotted in some highly capitalised stocks including BUACEMENT which gained 2.8%, GUARANTY jumped 1.4%, and MTNN share price increased 1.0%. Consequently, year-to-date loss improved to -4.6% while market capitalisation increased by ₦94.3 billion to settle at ₦20.03 trillion.

Stockbrokers said trading activity worsened as volume and value traded fell by 13.8% and 43.2% to 197.2 million units and ₦2.1 billion respectively. Meanwhile, the most traded stocks by volume were VERITASKAP (29.8 million units), FIDELITY (24.5 million units), and ZENITH (20.9 million units).

By transaction value, ZENITH traded shares worth ₦481.2 million, SEPLAT ₦298.5 million, and NESTLE ₦200.8 million lead the value chart.

Nigerian Exchange Opens Positive as All-Share Index Rises 0.47%
Nigerian Exchange Opens Positive as All-Share Index Rises 0.47%
Bullish Sector Performance

Afrinvest said performance across sectors under its coverage was bullish as 4 indices gained and 2 lost. The Industrial Goods and AFR-ICT indices gained 1.1% and 0.5% respectively, following price appreciation in BUACEMENT (+2.8%) and MTNN (+1.0%).

Similarly, the Banking and Oil & Gas indices rose 0.3% and 1bps respectively, due to buying interest in GUARANTY (+1.4%), JAIZBANK (+1.7%), and MRS (+9.6%). Conversely, the Consumer Goods and Insurance indices lost 0.2% and 0.5% respectively on the back of sell-offs in CHIPLC (-9.6%), DANGSUGAR (-0.3%) and MBENEFIT (-8.3%).

Investor Sentiment Weakens

Investor sentiment as measured by market breadth weakened to 0.7x from 0.8x in the last trading session as 17 stocks advanced while 23 declined. MRS (+9.6%), VITAFOAM (+8.9%) and CHAMS (+5.0%) led gainers while ROYALEX (-9.9), CHIPLC (-9.6%) and NEIMETH (-8.5%) led decliners.

“In the next trading session, we expect the market to sustain its positive momentum as investors’ cherry-pick attractive fundamental stocks”, Afrinvest said.