The seemingly unending stock rally on The Nigerian Stock Exchange (The NSE) continued unabated on Wednesday, adding 621.26 points to the benchmark All-Share Index (ASI).
The NSE ASI jumped by 1.90% to close at 33,268.36 points, with the Market Capitalization gaining N324.627 billion, bringing the total Equity Cap. to N17.388 trillion.
Investors have gained N1.425 trillion in the month of November so far, as the All-Share Index has risen by 8.97%, and yet we are only on the eleventh day of the month, with only 8 trading sessions completed.
Again, just like in the preceding trading sessions, over twenty stocks achieved the maximum gains possible on the day.
Activity level
The activity level improved, as both volume and value of stocks traded increased.
858.156 millions shares valued at N9.062 billion was traded on Wednesday, an increase of 48.27% and 17.04% respectively from Tuesday’s trading data.
FBNH was the most traded stock by volume with 145.051 million units traded, followed by TRANSCORP and ZENITHBANK with 126.261 million and 60.813 million respectively.
ZENITHBANK was the most traded stock by value with shares worth N1.520 billion exchanging hands in 777 deals, GUARANTY with N1.201 billion worth of shares and DANGCEM with shares worth N1.093 were second and third most traded stocks by value.
The FUGAZ (FBNH, UBA, GUARANTY, ACCESS and ZENITHBANK) attracted the most deals on the day; 777 deals on ZENITHBANK, 592 on FBNH, 487 on UBA, 380 on GUARANTY and 374 on ACCESS.
Performance of Indices
All 5 indices returned positive performance on Wednesday, just as they all did on Tuesday;
- Banking Index: advanced by 4.1%
- Consumer Goods Index: advanced by 2.6%
- Oil & Gas Index: advanced by 1.3%
- Insurance Index: advanced by 1.2%
- Industrial Goods Index: advanced by 1.1%
Investor Sentiment
Investor sentiment as measured by market breadth (advance/decline ratio) surged to 7.3x from the 3.5x recorded previously as 51 tickers gained against 7 losers.
Top five gainers by percentage;
- FIDSON rose by 10.00% to N4.95
- GUINNESS rose by 10.00% to N20.90
- NEIMETH rose by 10.00% to N2.42
- STERLNBANK rose by 10.00% to 2.20
- GLAXOSMITH rose by +9.85% to N7.25
Top five losers by percentage;
- LEARNAFRCA lost 4.76% to close at N1.00
- CILEASING lost 4.65% to close at N4.10
- STANBIC lost 4.17% to close at N46.00
- LINKASSURE lost 4.08% to close at N0.47
- REDSTAREX lost 3.68% to close at N3.40
Corporate disclosures
- Ellah Lakes Plc: the company announced the resignation of Mr. Frank Ellah as a director of the Company with effect from 6 November 2020.
- Cutix Plc: the company notified the public about the upcoming meeting of Directors scheduled for Thursday, November 26,2020 to discuss the Financial Statements for the period ended, October 31, 2020.
- Mutual Benefit Assurance Plc: the company issued a notice of the upcoming Extra-Ordinary General Meeting scheduled for the 3rd of December 2020.
Outlook
While there is yet room for profit-taking, we expect the local bourse to close the week on a bullish note.
By; Nnamdi M.