BULLS REGAIN THE UPPER HAND
The volatility in market lingered at Tuesday’s trading session as equities eked out gains to close in the positive.
As a result, the All Share Index appreciated by 2.0% to settle at 33,114.44 points even as the Market Breadth closed at 1.30x with 26 gainers and 20 losers. Furthermore, the volume and value of deals notched by 0.6% and 16.8% respectively.
Looking closely at sector performance, we observed that the performance took a bullish tilt as four sectors closed in the green. The NSE Consumer Goods Index gained the most advancing by 3.2% largely driven by gains in Nestle (6.8%), International Breweries (6.6%) and Nigerian Breweries (0.2%).
Similarly, the NSE Banking Index appreciated by 1.5% following the buy interests in Guaranty Trust Bank (5.0%) and Stanbic Ibtc (4.8%). Followed by the NSE Insurance Index closing up by 1.0% majorly due to gains in Law Union & Rock (10.0%) and Veritas Kapital (7.7%). Coming after was the NSE Industrial Goods Index increasing by 0.8% on the back of gains in First Aluminium (8.1%) and Dangote Cement (2.4%).
However, the NSE Oil & Gas Index declined by 0.2% following losses in Japaul Oil (-8.3%) and Total (-5.1%).
Zenith Bank was the most actively traded stock in terms of volume with 43million units of shares worth c.923Billion.
Law Union & Rock led the gainers chart appreciating by 10.0% to close at ₦0.66 from ₦0.60 while Livestock Feeds was the biggest loser declining by 8.8% to close at ₦0.52 from ₦0.57.
We expect positive sentiments to trickle into Wednesday’s trading session albeit mild as investors continue to take advantage of the dips and attractive company valuations.