Nigeria stock market daily report: JAIZBANK sells high volume as market gain 0.76%

The Nigerian Stock Exchange All-Share Index (NSE ASI) gained for the third day in a row this week on Wednesday to close at 35,493.15 points, 0.76% up from its opening level.

The market capitalization increased by the same percentage points, settling at N18.550 trillion.

Many stocks enjoyed maximum gains on the day, led by MANSARD that recorded back to back days of maximum gains after it was marked down to N0.64 on Tuesday from N2.20 it closed on Monday.

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Activity level

The activity level was mixed, with the volume of traded shares increasing by 133.54% while the value of traded shares decreased by 34.97%.

JAIZBANK was the most traded stock by volume, with 414.976 million units of shares traded in just 109 deals. It was followed by MANSARD with 22.328 million shares and ZENITHBANK with 19.335 million shares exchanging hands.

ZENITHBANK, DANGSUGAR and NESTLE were the three most traded stock by value in the same order. They had shares worth N427.710 million, N257.636 million and N230.988 million respectively exchanging hands in a combined 676 trades on Wednesday.

Performance of indices

3 out of the 5 indices under our watch advanced on the day while the other 2 declined.

1. The Consumer Goods Index was up 3.8% due to buying interest in NESTLE (+7.5%) and FLOURMILL (+7.3%)
2. Banking Index rose by 1.9% following price appreciation in ZENITH (+2.6%) and GUARANTY (+1.2%)
3. Insurance Index was up by 1.6% on the back of gains in MANSARD (+10.0%), WAPIC (+4.8%) and CHIPLC (+7.4%)
4. Industrial Goods Index was down by 0.2%, pulled down by WAPCO (-2.2%)
5. Oil & Gas Index lost by 0.3%, due to OANDO (-3.5%)

Investor Sentiment

Investor sentiment as measured by market breadth (advance/decline ratio) decreased to 1.9x from the 2.1x recorded in the previous session as 25 stocks gained against the 13 that declined.

The top five gainers by percentage are;

1. MANSARD gained 10.0% to close at N0.77
2. MAYBAKER gained 9.8% to close at N3.89
3. NCR gained 9.6% to close at N2.17
4. UPL gained 9.5% to close at N1.38
5. UNITYBNK gained 8.0% to close at N0.67

Top five losers by percentage are;

1. CORNERST lost 8.3% to close at N0.55
2. LINKASSURE lost 8.1% to close at N0.45
3. LASACO lost 6.0% to close at N0.31
4. ABCTRANS lost 5.7% to close at N0.33
5. CHAMS lost 4.5% to close at N0.21

Outlook

We expect a mixture of bargain hunting and profit taking to dictate the direction of the market in the last two trading sessions of the week.

By; Nnamdi M.