The Nigerian equity market maintained its uptrend for the six consecutive trading sessions on the back of appreciation on some bellwether stocks like Zenith Bank, UBA, Bua Cement, and 12 others.
The All-Share Index (ASI) increased by 62.61 absolute points, representing a growth of 0.25 growth to close at 25,291.73 points as the Market Capitalization gained N32.67 billion, representing an increase of 0.25 per cent to close at N13.19 trillion.
The total volumes traded was higher by 0.06 per cent, while the values of stocks traded on the local bourse dipped by 50.50 per cent, to a total of 251.34 million shares valued at N1.17 billion, in 3,713 deals.
The top gainers were NEM (+9.6%), WAPIC (+6.3%) and JAPAULOIL (+4.8%) while BETAGLAS (-10.0%), MAY BAKER (-9.9%) and ARBICO (-9.5%) lost the most. Given the gaining streak, we expect investors to take profit in subsequent trading days.
The top traded stocks by volume were TRANSCORP (94.9m units), UBA (33.2m units) and WEMA (14.6m units) while UBA (₦216.5m), ZENITH (₦176.4m) and GUARANTY (₦120.5m) led by value.
The Insurance and Industrial Goods indices closed positive, up 162bps and 110bps respectively owing to price upticks in NEM (+9.6%), WAPIC (+6.3%) and BUA CEMENT (+2.8%).
On the flip side, the banking index led the laggards, down 22bps due to sell pressures in ACCESS (-1.5%) and GUARANTY (-0.8%). Profit-taking in INTBREW (-1.3%) and GUINNESS (-0.6%) dragged the Consumer Goods index lower by 0.07%.
The AFR-ICT and Oil & Gas index closed flat.