Market reverses loss streak as investors gain N8.2bn

The domestic equities market closed positive for the first time this week as the All-Share Index rose 6bps to settle at 24,130.26 points following bargain hunting in Airtel Africa (+3.4 per cent), Dangote Sugar (+5.2 per cent) and Guaranty Trust Bank (+0.9 per cent).

As a result, investors gained N8.2bn as market capitalisation advanced to N12.6tn, while year-to-date loss moderated to -10.1 per cent.

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Activity level strengthened as average volume and value traded rose by 3bps and 66.4 per cent to 208.2m units and ₦1.8bn respectively.

The top traded stocks by volume were Sterling (77.2m units), UBA (19.8m units) and Zenith (16.0m units), while MTNN (N296.1m), Zenith (N247.9m) and Nestle (N235.2m) led by value.

Performance across sectors under our coverage was mixed as three of six indices advanced, two declined, while oil and gas remained flat.

Investor sentiment as measured by market breadth rose to 0.7x from the 0.5x recorded in the previous session as 11 stocks advanced against the 15 decliners.

The top gainers were Cutix (+7.7 per cent), Dangote Sugar (+5.2 per cent) and Mbenefit (+4.8 per cent), while Julius Berger (-9.9 per cent), Nigerian Breweries (-9.8 per cent) and Link Assurance (-9.8 per cent) lost the most.