Despite the still tense political milieu, the Nigeria’s equities market Wednesday sustained gains from the prior session. The benchmark index appreciated by 0.64%, to 32,614.05 points, following interest across value stocks.
Accordingly, the Month-to-Date and Year-to-Date gains increased to 6.73% and 3.77%, respectively.
All sector indices closed positive – save for the Industrial (-0.02%) index. Precisely, The Banking (-3.34%), Consumer Goods (+0.50%), Insurance (-0.06%), and Oil & Gas (-0.07%) indices closed in the green. Notable stocks include, Dangote Cement (-0.05%), Zenith Bank (+1.73%), NB (10.00%), Prestige (+8.00%), and OANDO (5.88%).
Market breadth was positive, with 26 gainers and 15 losers, led by NB (+10.00%) and Goldinsure (-9.43%) shares, respectively. Total volume of trades rose by 22.7% to 443.78 million units, valued at NGN5.46 billion, and exchanged in 4,697 deals.
Whilst stable macroeconomic fundamentals and convincing valuation guides to likely market rally in the mid-to-long term, we remain conservative on risky investments as election jitters intensifies.