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Dangote, May & Baker fired up, investors gain N8 billion

Market sentiment, as measured by market breadth, was also positive as 27 stocks gained, relative to 20 losers. Nigerian Stocks market rose today by 0.36% to 40,295.95 index points amid renewed buying activity on Tuesday.



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Trading in the Nigerian Stock market started the day on a positive note, as investors gained N8.10 billion coupled with market capitalization settled at N21.06 trillion as against an opening of N20.99 trillion.

Aliko Dangote

Aliko Dangote

  • Consequently, Year-to-Date (YTD) moderated to 0.06%.
  • The sectoral performance was positive as three out of the five indices tracked closed green; the NSE Insurance, NSE Industrial, and NSE Consumer Goods indices increased by 3.61%, 0.99 %, and 0.36% respectively.
  • On the flip side, the NSE Banking and Energy indices moderated by 0.62% and 0.05 respectively.
  • Activities at the Nigerian Stock Exchange (NSE) improved as the total volume traded increased. A total volume of 1.16 billion units of shares, valued at N7.96billion exchanged hands in 5,591 deals.
  • Market sentiment, as measured by market breadth, was also positive as 27 stocks gained, relative to 20 losers.
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Top gainers

  1. NASCON up 10.00% to close at N15.95
  2. ARDOVA up 9.75% to close at N19.7
  3. MAYBAKER up 7.24% to close at N3.85
  4. DANGCEM up 2.22% to close at N230
  5. DANGSUGAR up 1.55% to close at N19.65
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Top Losers

  1. OANDO down 5.41% to close at N3.5
  2. GUARANTY down 1.07% to close at N32.5
  3. JBERGER down 1.12% to close at N17.7
  4. UBA down 1.12% to close at N8.8
  5. MTNN down 0.12% to close at N165

Outlook

Nigerian Stocks recorded impressive gains amid soaring crude oil prices.

NASCON and Ardova Plc topped the gainers’ list having advanced by 10% and 9.75% respective growth, while Oando and Jberger recorded the largest losses of the day after depreciating by 5.41% and 1.12% respectively.

  • Investors are rushing into Nigerian Stocks on the hunt for alpha-yielding investments in the face of increasingly negative real returns in the debt market that remain positive for Nigerian equities.
  • That said, Nairametrics advises investors to trade stocks that exhibit good fundamentals amid growing political uncertainty in spite of the fact that investors await Q3 earnings across the market spectrum.
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