Home Stock Market Bullish streak continues at Nigerian Stock market, ASI up 0.8%

Bullish streak continues at Nigerian Stock market, ASI up 0.8%

by Business News Report

The positive momentum continued in the local bourse as the benchmark index gained 83bps to close at 41,930.73 points. This was on the back of sustained gains in AIRTELAF (+1.1%), MTNN (+2.4%) and WAPCO (+7.3%). Accordingly, the YTD return increased to 4.1% while market capitalisation advanced ₦180.9bn to settle at ₦21.9tn. Activity level advanced as volume and value traded rose 16.2% and 31.6% to 543.6m units and ₦7.3bn respectively. The most traded stocks by volume were TRANSCORP (57.2m units), ZENITH (47.2m units) and FBNH (38.1m units) while AIRTELAF (₦1.8bn), ZENITH (₦1.2bn) and GUARANTY (₦901.0m) led by value.

Performance across sectors under our coverage was positive as only the Oil  & Gas index lost 0.1%, following sell-offs in ARDOVA (-2.4%). The AFR-ICT index led the gainers, up 1.7% due to strong demand for AIRTELAF (+1.1%) and MTNN (+2.4%). Similarly, price uptick in AIICO (+6.3%) and WAPCO (+7.3%) drove the Insurance and Industrial Goods indices higher by 1.5% and 0.5% respectively. Finally, the Banking and Consumer Goods indices rose 0.3% and 0.2% respectively as a result of buying interest in FBNH (+2.7%), UBA (+2.3%), DANGSUGAR (+2.5%) and CHAMPION (+9.8%).

Investor sentiment as measured by market breadth (advance/decline ratio) waned to 1.7x from 1.8x recorded previously as 34 stocks advanced against 20 decliners. CHIPLC (+10.0%), GUINEAINS (+10.0%) and FIDSON (+9.9%) were the top advancers while CORNERSTONE (-9.7%), CAVERTON (-9.4%) and UNIVINSURE (-8.7%) were the top losers. We expect the bullish streak to continue in subsequent trading sessions.

Market Statistics for Wednesday, 27th January 2021 

Market Cap (N’bn)21,934.4
Market Cap (US$’bn)56.8
NSE All-Share Index41,930.73
Daily Performance %0.8
WTD Performance %2.3
MTD Performance %4.1
QTD Performance %4.1
YTD Performance %4.1
Daily Volume (Million)543.6
Daily Value (N’bn)7.3
Daily Value (US$’m)19.0

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