Trading on the floor of Nigeria Exchange extended its four-day bullish run as gains in MTNN (+10.0%), OANDO (+10.0%) and ZENITH (+4.0%) drove the NGX-ASI up 1.6% to 114,616.75 points. As a result, YTD return improved to 11.4% (previously 9.6%), while market capitalisation gained 1.6% to R/2.3tn. Activity level surged as volume and value traded advanced 139.1% and 100.7% to 1.5bn units and R33.5bn, respectively. Bullish Sector Performance
Across sectors under our coverage, performance was bullish as all six indices closed northward. Leading the gainers, the AFR-ICT and Banking, indices advanced 4.1% and 2.5%, respectively bouyed by price uptick in MTNN (+10.0%), CHAMS (+1.3%), ZENITH (+4.0%), and UBA (+3.8%). Also, the Oil & Gas and Insurance indices gained 2.4% and 1.3%, sequentially driven by buying interest in OANDO (+10.0%), ARADEL (+3.8%), CORNERST (+9.8%), and PRESTIGE (+4.2%). Finally, the Consumer and Industrial Goods indices gained 0.8% and 0.3%, accordingly driven by price appreciation in INTBREW (+5.3%), PZ (+5.8%), and WAPCO Investor sentiment, as measured by market breath, improved to 0.26x (previously: 0.15x) as 40 stocks gained, 23 lost while 65 were unchanged.
NGX extends gains ahead of Sallah break
