After the high cap. stocks propped up the market yesterday, bargain hunting in trading session today ensured a robust return of the market on the upward trajectory. The benchmark NSE All-Share Index added 218.78 points, 0.64% up from its opening figures to close the day at 34,340.56 points.
The market capitalization saw N114.443 billion added to its value, as it rose to close at N17.933 trillion.
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Banking stocks accounted for 12 of the 26 stocks that advanced on the day, while accounting for only 2 of the 16 stocks that declined.
Activity level
The activity level waned due to the “watch and see” posture taken by Investors during the day’s trading session. All of volume of shares, value of shares and no of deals decreased in comparison to the last trading session.
The volume of stocks traded decreased by 35.67%, while the value of stocks traded decreased by 35.96% and the numberof deals done decreased by 29.16%.
For the second consecutive day this week, ZENITHBANK emerged the most traded stock by volume with 71.993 million of its shares traded. TRANSCORP and GUARANTY were the second and third most traded stocks by volume with 37.172 million and 30.003 million shares respectively.
ZENITHBANK was once again the most traded stock by value, as it shares traded was worth N1.730 billion and exchanged hands in 778 deals.
GUARANTY and ACCESS were the second and third most traded stocks by value; GUARANTY shares worth N1.022 billion was traded in 484 deals, while ACCESS shares worth N243.311 million exchanged hands in 362 deals.
Performance of indices
All five indices under our watch closed in green;
- Banking Index: +2.18%
- Insurance Index: +2.02%
- Consumer Goods Index: +0.10%
- Industrial Goods Index: +0.06%
- Oil & Gas Index: +0.03%
Investor Sentiment
Investor Sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.6x from the 0.1x recorded on Monday, as 26 stocks advanced against 16 that declined
Top five gainers by percentage are;
- UPDCREIT rose by 9.64% to close at N4.55
- UCAP rose by 9.52% to close at N4.60
- FIDELITYBK rose by 9.47% to close at N2.66
- MBENEFIT rose by 8.7% to close at N0.25
- CORNERST rose by 8.62% to close at N0.63
Top five losers by percentage are;
- ETERNA lost 9.98% to close at N4.15%
- FIDSON lost 9.81% to close at N4.87
- CHAMPION lost 9.43% to close at N0.96
- JBERGER lost 8.95% to close at N17.30
- CHAMS lost 8.33% to close at N0.22
Corporate Disclosures
- FTN Cocoa Processors released its second quarter financial statement for 2020
- Flour Mills Nig. Plc gave notice of directors dealings
- Mutual Benefits Assurance Plc gave notice of extra-ordinary general meeting (EGM)
- International Energy Insurance Plc released audited financial statements for the year ended 31 Dec. 2020
- Golden Guinea Breweries Plc released its second quarter financial statement for 2021
- AXA Mansard Insurance Plc gave notice of Extra-Ordinary General Meeting (EGM)
Outlook
We expect market performance in the medium to long term to be driven by government and Central Bank policies to get the economy moving forward again and out of recession.
Opportunities still abound for bargain hunters, and their activities may propel the market forward in the short term.
By; Nnamdi M.
