Lagos – The bearish performance on the floor of the Nigerian Stock Exchange (NSE) on Monday’s trading session was reversed yesterday as the NSE All Share Index (ASI) advanced by 0.85 per cent to settle at 29,746.24 points.
This was due to price appreciation in bellwethers – Nestle Nigeria (+3.3%), Guaranty Trust Bank (+1.4%) and Zenith Bank (+2.0%).
Significantly, investors gained N85.4 billion as the market capitalisation closed at N11.2 trillion while year-to-date (YTD) return moderated to -5.4 per cent.
Similarly, activity level increased as volume and value traded rose 43.4 per cent and 158.0 per cent to 321.4 million units and N4.7 billion respectively.
Union Bank Nigeria with 134.1 million units, Guaranty Trust Bank with 61.1 million units and Africa Insurance with 15.0 million units were the most traded stocks by volume while Guaranty Trust bank at N2.2 billion, Union Bank Nigeria at N912.2 million and Dangote Cement N323.7 million were the top traded stocks by value.
Sector performance was largely positive as four out of five indices closed in the green with the Oil & Gas index emerging as the lone laggard, dipping 0.1 per cent, due to sell-offs in Oando (-1.0%) while the banking index led the advancers up 1.7 per cent on the back of continued bargain hunting on Guaranty Trust Bank (+1.4%) and Zenith Bank (+2.0%).
Following closely was the Consumer Goods index which inched higher by 1.2 per cent due to gains recorded in Nestle Nigeria (+3.3%) and Dangote Flour Mills (+9.8%).
In the same vein the Insurance index appreciated 0.7 per cent due to buying interest in Custodian (+2.4%) and Linkage Assurance (+4.0%) while the Industrial Goods index closed flat with a bullish bias marginally gaining 0.1 per cent.
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 2.1x from 1.5x on Monday as 21 stocks advanced against 10 decliners.
Leading the gainers’ chart were CHAMS (+10.0%), Dangote Flour Mills (+9.8%) and Transnational Express (+9.3%).
On the flip side, John Holt (-9.6%), Royal Exchange (-8.7%) and AG Leventis (-7.1%) were the worst performers.