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Equities Market Update |The Bulls Dominate Again …as NSEOILG5 Gains 4.89%
LAGOS (Capital Markets in Africa) – The Nigerian bourse extended its bullish run, as the NSE All-Share index advanced by 0.83%, to settle the year-to-date return at +2.42%. The market turnover increased by 33.57%, however, the volume of transactions declined by 43.39%. The market breadth stood at 1.29x, indicating twenty-seven (27) gainers and twenty-one (21) laggards.
SEPLAT emerged the top gainer, as its share price appreciated by 8.14% to close at NGN769.00. The top gainers’ chart also featured MOBIL, NEM, EQUITYASUR and UNITYBNK with respective gains of 4.99%, 4.80%, 4.76% and 4.55%. Conversely, PRESTIGE recorded the highest decline (-4.69%) to close at NGN0.61. ETERNA (-4.48%), FCMB (-4.17%), NIGERINS (-3.85%) and AGLEVENT (-3.77%) were the other counters which underperformed today.
All the sector Indices closed up, save for the banking sector (NSEBNK10), which declined marginally by 0.04%. The Oil & Gas sector, NSEOILG5, recorded the strongest gain today after advancing by 4.89%. The NSEINS10, NSEIND and NSEFBT10 also ticked upwards by 0.88%, 0.49% and 0.37%.
The positive performance today was driven by the gain on large cap counters in the industrial goods and oil and gas space as investors continue to take advantage of the relatively low prices of counters in the market.