Equities market, recorded remarkable performance following a 1.9 percent gain, thus lifting the Year to Date, YtD, performance and the Nigerian Stock Exchange, NSE, All Share Index back to positive territory by 0.01 percent, despite the closeness of the general elections.

This phenomenon has defied analysts’ projection of bearish market as the presidential election has six trading days to go.

Analysis shows that investors’ sentiment grew stronger as the Exchange recorded increased gainers to 25 stocks from 19 stocks recorded the previous day.

Total volume and value of transactions rose by 21.63 percent and 21.79 percent respectively to 436.75 million shares and N5.88 billion at the close of trade. Similarly, gains by High caps, such as shares of Nestle (0.68 percent) and Guaranty Trust Bank (9.51) GTBank remained the toast of investors, lifting their respective sector gauges by 0.64 percent and 5.78 percent.

Consequently, the previously recorded YtD loss and the NSE ASI were cleared and the local bourse returned to profitability, inching up by 0.01 percent.

Meanwhile, market capitalization improved to N11.7trillion as investors’ wealth increased by N228.1billion. Banking stocks led both the top traded stocks by volume and value as UBA (136.8million), Zenith Bank (63.4millon) and Access Bank (44.4million) were the top traded stocks by volume, while Zenith Bank (N1.5billion ), GTBank (N1.2billion) and UBA (N987.1million ) were the top traded stocks by value. All sectors closed in the green led by the Banking index up 5.8 percent due to gains in bellwethers – GTBank (+9.5 percent ) and ZENITH Bank (7.2 percent).

The Consumer Goods and Industrial Goods indices followed, rising 3.4 percent and 1.5 percent respectively as prices of NESTLE (+0.7 percent ), Dangote Sugar (+6.3 percent), Dangote Cement (+1.2 percent ) and WAPCO (+2.5 percent ) appreciated. Furthermore, the Oil & Gas index reversed its bearish performance, up 0.8 percent – as FORTE Oil (+10 percent) and OANDO (+1.0 percent) advanced.

Lastly, the Insurance index improved by 0.5 percent driven by AIICO Insurance (+7.1percent).

LEAVE A REPLY

Please enter your comment!
Please enter your name here