The Nigerian Stock Exchange (NSE) on Thursday posted the biggest gain in over six months due to declining yields in fixed income securities.
Specifically, the market capitalisation inched N245 billion with six hours of trading to cross N13 trillion, closing at N13.067 trillion against N12.822 trillion on Wednesday.
Also, the All-Share Index increased by 504 points or 1.91 per cent to 26,843.11 compared with 26,339.11 achieved on Wednesday.
This development also saw the major sectors of the market closing positive; with the banking sector seeing the biggest move.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Guinness Nigeria, Guaranty Trust Bank, Zenith Bank, Dangote Sugar Refinery and Access Bank.
The Nigeria News Agency reports that market analysts attributed the emergence of the bulls strong to lower yields offered by fixed income instruments.
Analysts at Afrinvest Ltd., stated that “Following the marked improvement in sentiment in the equities market, we expect a mixed market performance in the short term as bulls continue to battle bears for dominance.”
Market breadth closed strongly positive as 34 stocks recorded gains against three losers.
An analysis of the price movement table shows that Ekocorp led the gainers’ table in percentage terms, gaining 9.79 per cent to close at N3.70 per share.
Caverton Offshore followed with a gain 9.76 per cent to close at N2.70, while Guinness appreciated by 9.70 per cent to close at N26 per share.
United Capital rose by 9.66 per cent to close at N2.27, while FBN Holdings appreciated by 9.65 per cent to close at N6.25 per share.
Conversely, Ikeja Hotel led the losers’ chart in percentage terms with a loss of 9.38 per cent to close at 87k per share.
Champion Breweries followed with a decline of 9.09 per cent to close at 90k, while MTN Nigeria lost 0.12 per cent to close at N121.90 per share.
Also, the volume of shares traded closed higher as investors bought and sold 624.84 million shares worth N10.02 billion traded in 6,426 deals.
This was in contrast with a turnover of 610.58 million shares valued at N11.10 billion traded on Wednesday.
Zenith International Bank for the second consecutive day emerged the toast of investors with 167.92 million shares worth N3.19 billion.
Access Bank came second with 99.3 million shares valued at N1.06 billion, while United Bank for Africa (UBA) sold 67.78 million shares worth N500.25 million.
Nigerian Breweries accounted for 36.29 million shares valued at N1.72 billion, while Sterling Bank transacted 31.43 million shares worth N68.45 million.
Edited by Olawunmi Ashafa/Oluwole Sogunle
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