Trading on the floor of the Nigerian Stock Exchange (NSE) oversaw bullish run as investors in Nigerian equities gained N1.57 trillion over the past 5 trading sessions amidst transactions closing on a premium.
With only 10 decliners against 56 advancers on Thursday, Net capital gain stood at N437 billion, equivalent to average return of 2.57 per cent with the year-to-date return spiraling upward to 8.23 per cent which is equivalent to N1.57 trillion.
The All Share Index (ASI) rallied from opening index of 41,816.11 points to close at 43,041.54points while the market capitalization rose from its opening value of N14.881 trillion to close at N15.317 trillion. The ASI had opened 2018 at 38,243.19 points while aggregate market value of quoted equities opened the year at N13.609 trillion.
Performance across sectors was bullish as all indices closed in the green. The NSE Banking Index was the top performer,rising 4.4 per cent on the back of buying interest across board.
The NSE Industrial Goods Index trailed with 3.3 per cent growth while the NSE Consumer Goods Index rose by 2.3 per cent. The NSE Oil and Gas Index went up by 2.7 per cent while the NSE Insurance ended 1.7 per cent higher.
The momentum of activities also improved significantly with a turnover of 1.09 million shares valued at N13.3 billion in 8,025 deals. Low-priced stocks remained atop activities chart. Transnational Corporation of Nigeria was the most active stock with a turnover of 208.78 million shares valued at N439.19 million. Diamond Bank followed with 149.70 million shares worth N368.33 million while Zenith Bank placed third with 129.43million shares worth N4.40billion.
Commenting on the market’s performance, analysts have attributed the margins bull run to foreign investors’ confidence to Nigeria’s macroeconomic environment.
According to FSDH, “The market rally continued against expectation, sectors performances were mostly bullish as all sectorial indices closed positive. There may be profit taking in the market in the next few trading sessions”
Similarly, analysts at Cordros Capital said, “We expect stocks to rally further, driven by still positive market fundamentals and improving macroeconomic outlook.”