NSE Extends Winning Streak As Index Up 0.8%

NSE Extends Winning Streak As Index Up 0.8%

The Nigerian Stock Exchange, NSE equity market opened the week on a positive note, extending gains from the previous week on the back of price appreciation in blue chip companies across the sector.

Specifically, gains recorded by Cadbury Nigeria Plc (+ 10.00), Lasaco Insurance (10 percent), Oando (+10 percent) , Zenith Bank (+2.3 percent ), UBA (+4.6 percent), UNILEVER Nigeria (+5.4 percent ) boosted the NSE All Share Index higher by 0.8 percent to close at 31,781.87 points.

Consequently, Year to Date, YtD performance improved to 1.1 percent while market capitalisation increased by N94.0billion to N11.9trillion.

On the other hand, activity level weakened as average volume and value traded declined by 24.0% percent and 53.7 percent respectively to 550.2million units and N5.6billion respectively.

In terms of volume, the top traded stocks for the day were Access Bank (101.6million units), UBA (69.9million units) and Diamond Bank (52.6m units) while the top traded stocks by value were ZENITH (N1.2bn), Guaranty Trust Bank, GTBank (N1.1billion) and Dangote Cement (N744.2milluion ).

Further analysis shows that performance across sectors was bullish as all indices closed in the green.

The Banking Index gained the most, up 1.9 percent as Zenith Bank (+2.3 percent), UBA (+4.6 percent) and Access Bank (+5.3 percent) enjoyed buying interest.

The Insurance index trailed, up 1.2 percent on the back of sustained gains in WAPIC Insurance (+4.8 percent) and AIICO Insurance (+6.9 percent).

Similarly, the Oil & Gas , Consumer Goods , Industrial Goods and indices inched northwards, up 0.6 percent, 0.4 percent and (+0.3 percent ) respectively due to upticks in Oando (+10.0 percent ), SEPLAT Petroleum (+0.9 percent), Unilever (+5.4 percent ) ,Dangote Flour (+9.5 percent ) and Beta Glass (+9.6 percent).

Equity market opens 2019 gloomy as NSE Index drops by 1.1% Investor sentiment strengthened as 41 stocks advanced against 10 stocks that declined. The five top outperforming stocks for the day were Oando (+10.0 percent), Lasaco (+10.0 percent), Cadbury (10.0 percent), Transcorp (9.77 percent) and MCNICHOLS (9.76 percent ) while the least top five performing stocks for the day were C & I EASING (-10.0 percent ), Med View (-8.1 percent ), Total Nigeria (-7.2 percent ), Union Diagnostic( -6.90 percent) and Jaiz Bank (-5.66 percent).

Analysts at Afrinvest said: “Although the domestic bourse posted a positive performance, we believe this may be short-lived as today’s slowdown in gains indicates profit-taking activities may begin in subsequent sessions.”