The stock market sustained the previous day’s positive performance as gains in Nigerian Breweries (+5.4 percent), UBA (+4.8 percent) and ETI (+6.4 percent) drove the benchmark index up 34bps to settle at 25,413.76 points.
As a result, investors gained ₦45.3 billion as market capitalisation advanced to ₦13.3 trillion while year to date loss moderated to -5.3 percent.
Activity level was mixed as volume traded spiked 255.6 percent to 1.1bn units while value traded declined -19.9 percent to ₦2.1bn.
Performance across sectors was bullish as 4 of 6 indices under our coverage closed in the green.
The Banking and Consumer Goods indices were the best performers, up 107bps and 88bps respectively owing to price upticks in UBA (+4.8 percent), Access (+3.2 percent) and Nigerian Breweries (+5.4 percent).
Similarly, AIICO (+5.6 percent) and MTNN (+0.2percent) gained whole Insurance and AFR-ICT indices rose higher by 80bps and 9bps. But the Industrial Goods index went down to 12bps due to sell pressures in DANGCEM (-0.7 percent) while the Oil & Gas index closed flat.
The top gainers were Livestock (+10.0 percent), Eterna (+9.5 percent) and JAIZ Bank (+8.9 percent) while WAPIC (-5.7 percent), UBN (-5.7 percent) and PZ (-2.4 percent) lost the most.
We expect the soft gains to be sustained on the back of improved investor appetite.