Nigerian bourse extends positive trend Tuesday as investors gain N34.4bn

The domestic bourse sustained a positive start to the week as the NSE All -Share Index gained 0.2 per cent on Tuesday to settle at 43,609.77 points while YTD return expanded to 14.0 per cent.

In turn, investors gained N34.4 billion in value as market capitalization increased to N15.7tn.

The day’s performance was majorly due to positive sentiment in UNILEVER (+10.2%), SEPLAT (+3.3%) and DANGSUGAR (+4.9%) even as activity level strengthened as volume and value traded rose 76.8 per cent and 3.8 per cent to 445.5m units and N5.9 billion respectively.

The top trades by volume were STERLING (101.9m), FIDELITY (49.2m) and ZENITH (37.9m) while GUARANTY (N1.5bn), ZENITH (N1.2bn) and NESTLE (N741.9m) were the top traded by value.

Performance across sectors was largely positive as all indices closed in the green save for the Banking index which shed 0.3 per cent following losses in GUARANTY (-1.7%), ACCESS (-2.2%) and STERLING (-4.6%).

On the flipside, the Oil & Gas index was the top gainer for the second consecutive session, inching 1.4% higher as sustained interest in SEPLAT (+3.3%) and JAPAUL OIL (+8.7%) continued to drive performance.

Also, the Consumer Goods index (+0.9%) trended northwards, on account of upticks in UNILEVER (+10.2%) and DANGSUGAR (+4.9%) while the Insurance index improved 0.1% following price appreciation in NEM (+1.7%) and CONTINSURE (+1.2%).

The Industrial Goods index marginally increased 1bp on the back of gains in CCNN (+0.8%).

Investor sentiment as measured by market breadth weakened as 26 stocks advanced against 29 decliners.

The top performing stocks were UNILEVER (+10.2%), CAVERTON (+9.9%) and JAPAUL OIL (+8.7%) while REGALINS (-9.1%), MULTIVERSE (-7.4%) and WEMABANK (-5.0%) were the worst performers. Despite weaker investor sentiment, market performance remained positive.

Analysts at Afrinvest anticipate a sustained uptrend in subsequent trading sessions as investors continue to take position in anticipation of positive corporate earnings.