The stock market sustained the previous day’s positive performance as gains in Nigerian Breweries (+5.4 percent), UBA (+4.8 percent) and ETI (+6.4 percent) drove the benchmark index up 34bps to settle at 25,413.76 points.
As a result, investors gained ₦45.3 billion as market capitalisation advanced to ₦13.3 trillion while year to date loss moderated to -5.3 percent.
Nigeria’s stock market opens week with N55bn loss
COVID-19: Germany’s stock market volume up 168%
Activity level was mixed as volume traded spiked 255.6 percent to 1.1bn units while value traded declined -19.9 percent to ₦2.1bn.
Performance across sectors was bullish as 4 of 6 indices under our coverage closed in the green.
The Banking and Consumer Goods indices were the best performers, up 107bps and 88bps respectively owing to price upticks in UBA (+4.8 percent), Access (+3.2 percent) and Nigerian Breweries (+5.4 percent).
Similarly, AIICO (+5.6 percent) and MTNN (+0.2percent) gained whole Insurance and AFR-ICT indices rose higher by 80bps and 9bps. But the Industrial Goods index went down to 12bps due to sell pressures in DANGCEM (-0.7 percent) while the Oil & Gas index closed flat.
The top gainers were Livestock (+10.0 percent), Eterna (+9.5 percent) and JAIZ Bank (+8.9 percent) while WAPIC (-5.7 percent), UBN (-5.7 percent) and PZ (-2.4 percent) lost the most.
We expect the soft gains to be sustained on the back of improved investor appetite.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
