NSE in rebound as ASI rises by 0.62 pct
The equity market on Thursday recorded an uptick performance as the Nigerian Stock Exchange, NSE All Share Index, NSE-ASI gained 0.62 percent, notching its first gain since the beginning of the New year (2019) after six consecutive declines.
This was majorly driven by gains in Banking and Industrial goods stocks. Market breadth closed positive, recording 21 gainers against 15 losers.
Specifically, ASI went up by 180.93 absolute points, representing a gain of 0.62 percent, closing at 29,517.73 points. Similarly, Market Capitalization increased by ₦67.47 billion representing a growth of 0.62 percent, closing at ₦11.01 trillion.
Market Year to Date, YtD return settled at -6.1 percent and market capitalisation inched higher by ₦67.5 billion to ₦11.0 trillion. Today’s performance was buoyed by gains in Guaranty (+6.1 percent), Dangote Cement (+0.9 percent) and Zenith Bank (-2.9 percent).
Activity level strengthened as volume and value traded increased 64.1 percent to 385.4 million units and 36.6 percent to ₦3.1 billion. The top traded stocks by volume were Custodian (120.3 million units), Access Bank (60.5 million units) and First Bank Nigeria Holding, FBNH (48.9million units) while the top traded stocks by value were Custodian (₦697.6 million), Zenith Bank (₦515.5 million) and FBNH (₦347.2 billion).
The performance across sectors was mixed as three of the five indices closed in the green. The Banking Index recorded the highest gain, up 2.7 percent due to price appreciation in Zenith Bank (+2.86 percent) and Diamond Bank (+5.85 percent).
Similarly, the Industrial Goods and Oil & Gas indices trailed 2.2 percent and 0.1 percent respectively on the back gains of Dangote Cement (+0.9 percent ), WAPCO (+2.56 percent), CCNN (+4.85 percent), Forte Oil (+5.46 percent) and Eterna (+8.86 percent).
On the flip side, the Insurance and Consumer Goods indices dipped 2.1 percent and 1.8 percent respectively dragged by losses in NEM Insurance (-10.0 percent), Linkage Assurance (-9.7 percent), Mutual Benefit (-4.8 percent ), Nestle Nigeria (-3.4 percent) and Guinness Nigeria (-10.0 percent).
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