NSE: Equities sustain gains as market adds N134.6bn

Equities market on the floor of the Nigerian Stock Exchange (NSE) gained 1.0% to push the Share Index (ASI) to 27,629.66 points.

This followed buying interest in MTNN (+1.5%), NESTLE (+1.7%) and DANGCEM (+0.6%)

Similarly, YTD loss slowed to -12.1% and market capitalisation increased by N134.6bn to N13.4trn.

However, activity level declined as volume and value traded dipped by 25.1% and 0.4% respectively to 272.6m units and N4.5bn.

The most active stocks by volume were ZENITH (54.3m units), GUARANTY (38.2m units) and TRANSCORP (32.1m units) while GUARANTY (N1.0bn), ZENITH (N977.5m) and NESTLE (N897.5m) led by value.

All safe for the Oil and Gas sector ended in the green territory.

The Oil & Gas index was the lone loser, declining 0.3% due to price depreciation in MRSOIL (-9.8%) and OANDO (-1.3%).

READ ALSO: NSE delists defunct Skye, Fortis banks from its trading list

On the flip side, the Banking index led the gainers, up 2.5% following bargain hunting in ZENITH (+2.9%) and GUARANTY (+2.9%) while the AFR-ICT index gained 0.9% due to sustained interest in MTNN (+1.5%).

Similarly, the Consumer and Industrial Goods indices rose by 0.8% and 0.7% respectively, following price appreciation in NESTLE (+1.7%), NIGERIAN BREWERIES (+1.2%), CCNN (+2.8%) and DANGCEM (+0.6%).

The Insurance index also advanced by 0.6% due to buying interest in WAPIC (+8.8%) and AIICO (+3.1%).

Investor sentiment as measured by market breadth (advance/decline ratio) inched up to 1.7x from 1.4x in the previous trading session as 22 stocks gained against 13 losers.

The top gainers were ETERNA (+10.0%), ETI (+9.5%) and WAPIC (+8.8%) while UPL (-10.0%), NCR (-10.0%) and MRSOIL (-9.8%) were the top losers.

Investors in Afrinvest Securities Limited expect the market to remain bearish as the broader investor sentiment in the economy remains weak.

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