Bullish Run Persists to Third Session Amidst Gains In FBNH and 17 Others

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Bullish sentiment in the Nigeria equity market today persisted for the third consecutive trading session as the market indicators (NGX-ASI and Market Cap.) rose by 0.47 percent amidst gains in FBNH, MTNN, and 16 others. Consequently, the All-Share Index spiked by 241.52 points, representing a 0.47 percent growth, and closed at 51,618.73. While the Market Capitalization gained ₦130.21Bn to increase by 0.47 percent and closed at ₦27.83 trillion.

→ However, the market activities were bearish, as the Total Volume and Value plummeted by 2.67 percent and 10.57 percent, respectively. Approximately 223.25 million units valued at ₦2.86 billion were transacted in 4,028 Deals. MBENEFIT emerged as the most traded stock in terms of volume, accounting for 17.99 percent of the total volume of trades, followed closely by OANDO (12.78%), FCMB (10.96%), ACCESSCORP (10.80%), and FBNH (5.54%) to complete the top five on the volume chart. While PRESCO appeared as the most traded stock in value terms, with 13.40 percent of the total value of trades on the exchange.

→ FBNH topped the advancers’ list with a price appreciation of 9.78 percent, trailed closely by UBN (6.19%), MTNN (3.85%), OANDO (3.51%), ETI (1.85%), DANGSUGAR (0.94%), UACN (0.91%), INTBREW (0.88%) and ten (10) others. On the contrary, twenty-two (22) stocks also depreciated, topped by ACADEMY and ELLAHLAKES with a price depreciation of 10.00 percent each, to close at ₦1.17 and ₦3.96, as PRESCO (-9.84%), HONYFLOUR (-5.96%), UNILEVER (-2.03%), UCAP (-2.00%), ZENITHBANK (-1.59%), NB (-1.57%), FLOURMILL (-0.46%) and GTCO (-0.24%) also dipped in price. As a result, the market breadth closed negative, recording 18 gainers and 22 losers.

→ Meanwhile, sectoral performance was bullish, as four of the five sectors closed positively compared to the previous session, led by Insurance (0.73%), Oil & Gas (0.53%), and Banking (0.15%). While the Consumer Goods and Industrial Goods shed 0.34% and 0.002%, respectively.