NSE Sustains Bullish Trend On Thursday

  • NSE Sustains Bullish Trend On Thursday

The Nigerian Stock Exchange (NSE) closed in the green on Thursday, the second of such positive close in a week.

The NSE All-Sjare Index gained 1.01 percent to close at 27,426.64 basis points, while the market value of listed equities grew from N13.210 trillion recorded on Wednesday to N13.35 trillion on Thursday. Representing a profit of N141 billion.

However, activity level declined in volume and value as the total volume and value traded dipped by 45.5 percent and 41.1 percent to 115.422 million shares and N854.287 million, respectively.

Access Bank Plc led the most traded stocks by volume with 17 million shares. Followed by Transnational Corporation of Nigeria Plc, 14.7 million and Union Bank Nigeria Plc, 10.1 million.

Guaranty Trust Bank Plc, Access Bank and Zenith Bank Plc were top traded stocks by value N198.8 million, N119.3 million and N104.5 million, respectively.

The bourse year-to-date loss eased to 12.7 percent.

The sectoral analysis shows, five sectors closed in the green as performance was generally positive.

The consumer goods index topped gainers with 3.8 percent profit, banking index followed with a 1.7 percent gain while industrial goods and insurance indices grew by 1.1 percent and 0.6 percent, respectively.

Oil and gas added 0.5 percent as investors jumped on Forte Oil Plc.

Still, experts at Afrinvest Securities Limited do not see the sustainability of the current bullish run.

They said, “though the increased buying interest across board spurred the market in the positive direction, they expected profit-taking activities to drag market performance at the close of the week.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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