The Nigerian equity market recovered from the previous day loss, on the back of price appreciation in MTNN, STANBIC and UBA, making the all-share index to rise 0.4% to 2 8,563.87 points.
The market capitalisation gained ₦59.8 billion to ₦15.0 trillion and the local bourse year to date return improved to 6.4%.
While the volume equities traded declined 4.7% to 311.3 million units, the value traded rose 11.0% to ₦4.7 billion. The most traded stocks by volume were UBA (72.4m units), ZENITH (27.2m units) and UACN (22.2m units) while ZENITH (₦568.2m), UBA (₦506.8m) and GUARANTY (₦472.6m) led by value.
UACN (+8.3%), UNIONDAC (+8.0%) and FCMB (+8.0%) were top gainers while WAPIC (-9.1%), UAC-PROP (-3.7%) and GLAXOSMITH (-3.6%) led the laggards.
Analysts at Afrinvest Securities have predicted that the market to close the week on a bearish note.
Poor Sector Performance
The Insurance index lost the most due to sell-offs in WAPIC (-9.1%). Similarly, losses in OANDO (-0.9%) and INTBREW (-3.0%) dragged the Oil & Gas and Consumer Goods indices lower by 7bps and 6bps respectively.
Similarly, the Banking index declined 0.03% following sell pressures in ZENITH (-0.7%) and FBNH (-0.8%). On the other hand, gains in MTNN (+1.5%) and WAPCO (+2.0%) pushed the AFR-ICT and Industrial Goods indices up by 0.8% and 0.2% respectively.