The gaining streak in the Nigerian equities market stretched to the third consecutive day as persistent buying interest kept the market soaring. The All Share Index advanced 3.1% to 31,071.25 points on Thursday propping up YTD return to +8.5%. A total of N324.0bn was gained by investors as market capitalisation rose to N10.7tn. Market performance was characterised by a general buying interest across board, however, the major movers of the market today were DANGCEM (+5.0%), GUARANTY (+4.4%) and NIGERIAN BREWERIES (+4.0%). Nonetheless, Activity level waned as volume and value traded fell 16.9% and 28.0% to 450.5m units and N5.7bn respectively.
All Sector Indices Trend Higher
All sector indices closed higher on bullish investor sentiments. The Consumer Goods index appreciated the most, up 3.3% on the back of gains in NIGERIAN BREWERIES (+4.0%) and NESTLE (+2.8%) followed by the Industrial Goods index which rose 2.9% consequent on price appreciation in DANGCEM (+5.0%). Buy sentiment in the Banking sector persisted, especially in the Tier 1 banks – GUARANTY (+4.4%) and ZENITH (+2.2%) - driving the index 2.3% northwards. In the same vein, the Oil & Gas and Insurance indices added points, appreciating 1.0% and 0.7% respectively.
Buy Sentiment Prevails
Investor sentiments further strengthened as reflected in market breadth (Advancers/Decliners Ratio) which improved to 3.1x from (1.9x yesterday) as 37 stocks advanced against 12 declining stocks. The best performing stocks today were GLAXOSMITH (+10.2%), CHAMPION (+10.1%) and TRANSCORP (+9.6%) while NPFMCRFBK (-4.9%), CAP (-4.0%) and DEAPCAP (-3.8%) were the worst performing stocks. With three consecutive days of massive gains, there is an increased likelihood of some end of the week profit taking.