Home Stock Market Rally in Telco drives positive performance in stocks

Rally in Telco drives positive performance in stocks

by Business News Report

At the close of trade, the local bourse recorded a positive performance following the rally in AIRTELAF (+10.0%), UCAP (+2.0%), and UNITYBNK (+7.1%). As a result, the benchmark index rose 158bps to settle at 39,176.62 points, YTD loss moderated to -2.7% and market capitalisation inched higher by ₦317.5bn to ₦20.4bn. Trading activity surged as volume and value traded increased 143.4% and 292.6% respectively to 474.5m units and ₦4.0bn. The most traded stocks by volume were GTCO (37.3m units), ETI (24.1m units), and JAIZBANK (18.6m units) while GTCO (₦1.0bn), MTNN (₦489.3m), and ZENITH (₦166.9m) led by value.

Performance across sectors under our coverage was bearish as 4 indices lost while 2 gained. The AFR-ICT and Oil & Gas indices rose 5.5% and 0.1% respectively, driven by buying interest in AIRTELAF (+10.0%) and OANDO (+0.6%). Conversely, the Insurance index led laggards, down 0.2% due to sell-offs in CHIPLC (-6.9%) and MANSARD (-1.1%). Similarly, the Consumer and Industrial Goods indices fell 0.1% apiece following profit-taking in FLOURMILL (-1.9%), UNILEVER (-0.7%), and CUTIX (-0.9%). Price depreciation in GTCO (-0.5%) and WEMABANK (-2.4%) dragged the Banking index lower by 2bps. 

Investors sentiment as measured by market breadth (advance/decline ratio) strengthens to 1.1x from 0.9x recorded in the last trading session as 21 stocks gained while 19 stocks lost. AIRTELAF (+10.0%), UNITYBNK (+7.1%), and VERITASKAP (+4.3%) led gainers while JULI (-9.0%), CHIPLC (-6.9%), and JAIZBANK (-4.8%) led losers. We expect to see a mix of profit-taking and bargain hunting in the domestic equities market in the next trading session.

Market Statistics for Tuesday, 10th August 2021 

Market Cap (N’bn)20,411.6
Market Cap (US$’bn)49.7
NSE All-Share Index39,176.62
Daily Performance %1.6
WTD Performance %0.9
MTD Performance %1.6
QT Performance %3.3
YTD Performance %(2.7)
Daily Volume (Million)474.5
Daily Value (N’bn)4.0
Daily Value (US$’m)9.7

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