Bellwethers Sustain Equity Market Rally as Investors Gained ₦383Bn from 31 Stocks

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On Thursday, investors at the Lagos Custom street gained ₦383 to sustain the bullish trend for sixteen successive trading sessions, following the persistent bargain-hunting in medium and high capitalized stocks.

As a result, the All-Share Index rose by 709.54 basis points representing a 1.42 percent growth and closed at 50,835.95.

While the Market Capitalization gained ₦382.52Bn, representing an uptrend of 1.42 percent to close at ₦27.41trillion.

→ Meanwhile, the market activities were mixed, as the Total Volume trade dipped by 30.88 percent while the Total Value surged by 38.68 percent. About 462.60 million units valued at ₦8.31 billion were transacted in 6,801 Deals.

Today, FCMB emerged as the most traded stock in terms of volume, accounting for 29.95 percent of the total volume of trades, followed closely by ZENITHBANK (6.35%), TRANSCORP (5.71%), UBA (4.47%), and GTCO (4.39%) to complete the top five on the volume chart.

While NESTLE appeared as the most traded stock in value terms, with 22.10 percent of the total value of trades on the exchange.

→ On the profitability chart, GUINNESS topped the advancers’ list with a price appreciation of 10.00 percent, trailed closely by NB (9.95%), ETERNA (9.37%), PRESCO (7.80%), MTNN (6.60%), ETI (4.17%), JAPAULGOLD (3.33%), WAPCO (1.69%), AIRTELAFRI (1.01%), NGXGROUP (0.63%), ACCESSCORP (0.52%) and twenty (20) others.

Conversely, twenty-two (22) stocks depreciated, topped by TRANSCOHOT with a price depreciation of 9.09 percent to close at ₦4.5, as FTNCOCOA (-7.69%), OANDO (-7.41%), WEMABANK (-5.45%), VITAFOAM (-3.40%), FCMB (-3.29%), NESTLE (-2.78%), GTCO (-1.88%), UCAP (-1.49%), ZENITHBANK (-0.62%) and UNILEVER (-0.36%) also dipped in price.

In that regard, the market breadth was positive, recording 31 gainers and 22 losers.

→ Consequently, sectoral performance was positive, as three of the five sectors closed bullishly compared to the previous session, led by the Consumer Goods (2.36%), Insurance (0.87%), and Industrial Goods (0.12%).

While the Oil & Gas and Banking sectors shed 0.51% and 0.08%, respectively.