Stock market begins week with N16bn gain

The domestic equities market began trading this week with eight basis point (bps) gain as the benchmark index advanced to 40,150.78 points.

The market capitalisation advanced by ₦16 billion to settle at ₦21.2 trillion  while the year to date  return improved to -0.3 per cent.

• As Nigeria’s COVID-19 cases hit 100,000+: We’re running out of treatment facilities – FG cries out
• DisCos install only 525,000 meters in 2 years

The positive performance was driven by buying interest in Zenith (+0.8%), International Brewery (+2.5%) and Flourmill (+2.8%).

Activity level varied as volume traded rose marginally by 0.7percent to 335.7m units while value traded fell 31.8% to ₦2.5bn.

The most traded stocks by volume were Mbenefit (104.2 million units), Mansard (24.3m units) and Wapco (14.4m units) while Okomu Oil (₦462.8m), Zenith (₦344.7m) and WAPCO (₦320.5m) topped by value.

Performance across sectors was bullish as 3 of 6 indices under review gained, 1 lost and both the AFR-ICT and Industrial Goods indices closed flat.

Investor sentiment as measured by market breadth fell to 1.1x from then 3.5x recorded previously as 27 stocks advanced against 24 decliners.