Nigerian bourse maintains bullish rally as YTD return reaches 42.07%

The Nigerian Equities market swayed further into the green zone with 110bps to peck the YTD return at 42.70 per cent.

Market capitalization similarly moved upward to N13.34 trillion as Market breadth closed in favour of the bull with count of 23 gainers as against 13 losers (1.77).

Sector performance indices closed in mix as NSE30, NSEBNK and NSEINDUSTR closed in green as opposed to NSEINS, NSECNSMRGDS, NSEOILGAS and NSELOTUS in the red region.

BERGER, REDSTAREX, LIVESTOCK, LINKASSURE and INTBREW top the gainer’s chart while DANGSUGAR top the loser’s chart with 5.75% followed by TOTAL (4.78%), CHAMPION (4.76%), MAYBAKER (4.38%) and CONTINSURE (4.29%).

AIICO, TRANSCORP, FIDELITYBK, FCMB and UBA were the top traded stocks in terms of volume while GUARANTY, ZENITHBANK, UBA, TRANSCORP and SEPLAT occupied the top five slots on the value-based charts.

Sequel to the positive NSEASI change, trade volume inclined from previous level by 106.54 per cent to close at N429 million.

This suggests corrections from previous trading sessions as expected. We therefore expect a repeat in the next trading session. However, profit taking might force the index towards the north as tomorrow’s session marks the last trading session for the week. Analysts at APT Securities and Funds Limited explained.