The All Share Index sustained its positive performance, rising 1.4 per cent to close at 36,112.37 points while tear-to-date return improved to 34.4 per cent.
Market capitalisation rose N174.8 billion to N12.4 trillion. The major drivers of yesterday’s performance were Dangote Cement (+4.7%), Guinness Nigeria (+10.2%), Nigerian Breweries (+0.8%) and STANBIC (+2.3%).
On the other hand, market activity declined as volume and value traded fell 21.0% and 23.1% to settle at 222.7 million units and N4.2 billion respectively.
Performance across sectors was mixed. The Industrial Goods index advanced the most, up 2.9% on account of gains in Dangote Cement and Lafarge Cement WAPCO.
The Consumer Goods index followed, closing 1.0 per cent higher due to appreciations in Nigerian Breweries, Guinness Nigeria and Dangote Sugar Refinery .
On the flip side, the Oil & Gas index led sector losers, down 2.9per cent as a result of sell-offs in Seplat Petroleum Development Company (-5.0%) and Oando (-3.5%).
In the same manner, losses in FBN Holdings (-4.3%) and NEM Insurance (-3.8%) dragged the banking (-0.3%) and insurance (-0.1%) indices lower.
Market breadth remained unchanged from 0.9x recorded yesterday after 19 stocks advanced against 21 decliners. The best performing stocks were Guinness Nigeria (+10.2%), Dangote Cement (+4.7%) and AIICO Insurance (+3.6%), while Seplat Petroleum Development Company (-5.0%), NCR (-4.9%) and Skye Bank (-4.8%) were the worst performers.
The positive close to bargain hunting in stocks which had previously declined and investors’ reaction was attributed to GUINNESS’s impressive H1:2017 result.
Sterling Bank emerged the most traded equity yesterday with an exchange of 36.583 million shares worth N37.249 million, followed by Royal Exchange having accounted for 35.717 million shares valued at N17.858 million, Fidelity Bank exchanged 21.910 million shares valued at N29.392 million; Access Bank recorded 21.545 million shares valued at N212.452 million while Zenith Bank traded 18.460 million shares worth N442.732 million.