The Nigerian bourse closed northwards on Thursday, marking the first positive close for the week as bargain hunting in Industrial Goods and Banking bellwethers drove the broader index up. The All Share Index surged 0.7% settling at 24,042.73 points. The positive market performance was broadly driven by price appreciation in DANGCEM (+0.8%). The market gained N54.8bn in value as market capitalization rose to N8.3tn. Activity level was mixed as volume grew marginally by 1bps while value traded increased 26.3% to 269.3m units and N1.5bn respectively.
Insurance Sector Lone Loser
The Banking index led sector gainers as it closed 1.3% up on gains in ETI (+5.0%) and STANBIC (+5.0%). The Oil & Gas index trailed as it rose 0.8% on account of price appreciation in SEPLAT (+3.8%) while the Industrial and Consumer Good Indices grew 0.4% against rally in DANGCEM (+0.8%) and NESTLE (+2.1%) respectively. Losses in CUSTODIAN (-2.4%) pulled the Insurance Index down 0.3%.
Market Sentiments Swing Positive
Market breadth measured by the ratio of advancers and decliners improved to 1.1x (relative to 0.6x in the previous trading session) as 21 stocks advanced while 19 declined. Top gainers includes CHAMPION (+9.7%), FCMB (+7.9%) and ETI (+5.0%) while UNITY (-5.6%), MRS (-5.0%) and FLOURMILL (-5.0%) depreciated the most. In absence of fundamental changes in the system, we expect demand to remain weak thus market will continue to trade sideways.