Stock mar­ket gains N241bn in three days

The Punch - - CAPITAL MARKET - Fey­isayo Popoola

The na­tion’s stock mar­ket gained N241bn in the first three trad­ing of the year.

The mar­ket, which recorded gains in six con­sec­u­tive days, main­tained its gain­ing streak into the new year as the mar­ket cap­i­tal­i­sa­tion of eq­ui­ties climbed above the N13tn mark on Fri­day.

The mar­ket opened the week pos­i­tive as buy­ing in­ter­est in Dan­gote Ce­ment

Plc, Guar­anty Trust Bank Plc and Zenith Bank Plc pulled the All-share In­dex up by 138 ba­sis points to 27,339.68bps.

Con­se­quently, mar­ket cap­i­tal­i­sa­tion rose by N179.1bn from N13.020tn on Mon­day to N13.199tn on Tues­day.

Ac­tiv­ity level was mixed as vol­ume traded fell by 14.5 per cent to 520.434 mil­lion units while value traded in­creased by 42.3 per cent to N5.351bn.

The top traded stocks by vol­ume were Zenith Bank Plc (97.1 mil­lion units), Univer­sal In­sur­ance Plc (70 mil­lion units) and United Bank for Africa Plc (62.7 mil­lion units) while Zenith Bank (N1.9bn), Se­plat Pe­tro­leum De­vel­op­ment Com­pany Plc (N670m) and GTB (N586.4m) emerged the top traded stocks by value.

Per­for­mance across sec­tors was bullish as only the AFR-ICT in­dex de­pre­ci­ated as a re­sult of the share price de­cline of MTN Nige­ria Com­mu­ni­ca­tions Plc.

The bank­ing in­dex led gain­ers with a 3.9 per cent gain, con­se­quent on buy­ing in­ter­est in GTB and Zenith Bank.

The in­dus­trial goods and In­sur­ance indices edged higher on the back of gains in Dan­gote Ce­ment, La­farge Africa Plc, Lasaco As­sur­ance Plc and Wapic In­sur­ance.

Sim­i­larly, price ap­pre­ci­a­tion in Dan­gote Sugar Re­fin­ery Plc, Flour Mills Nige­ria Plc, Ondo and Oando Plc pushed the con­sumer goods and oil and gas indices 0.5 per cent and 0.4 per cent higher re­spec­tively.

In­vestor sen­ti­ment strength­ened as mar­ket breadth (ad­vance/de­cline ra­tio) strength­ened to 2.3x from the 1.5x recorded on last week.

A to­tal of 30 gain­ers, led by First city Mon­u­ment Group Plc, emerged, com­pared to 13 losers that were recorded, led by PZ Cus­sons Nige­ria Plc.

An­a­lysts at Afrin­vest Se­cu­ri­ties Lim­ited said fol­low­ing the re­cent trend in the mar­ket, it was ex­pected that the mar­ket would con­tinue its gain­ing streak this week.

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