Daily Market Summary: Why stocks are gaining again

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Market breadth closes at 1.5x The NSEASI went up 158bps to close at 39,042 points despite the decline in positive momentum witnessed in the early hours of trade. A total of 492.05 million (+25.16%) shares worth NGN7.62 billion (+14.19%), were exchanged in 4,726 (-10.58%) deals. Total market capitalisation crossed the imaginary 14 trillion point to […]

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Market breadth closes at 1.5x

The NSEASI went up 158bps to close at 39,042 points despite the decline in positive momentum witnessed in the early hours of trade.
A total of 492.05 million (+25.16%) shares worth NGN7.62 billion (+14.19%), were exchanged in 4,726 (-10.58%) deals.
Total market capitalisation crossed the imaginary 14 trillion point to close at NGN14.14 trillion.
NASCON+10.07% was the top advancer while ETERNA-4.96% closed as the top laggard.
Other laggards featured were RTBRISCOE-4.17% and CONTINSURE-4.67%.
Selling pressures returned to both the oil and gas and insurance sectors.
However, the industrial goods sector remained strong, supported by WAPCO+4.74% and DANGCEM+4.00 which both featured on the top 10 gainers’ list.

Why stocks are up

Investors remained bullish on a number of medium and heavyweight counters.
However, profit taking activities were observed on some stocks, particularly in the financial services and oil and gas space.
We expect to witness more sell-offs on stocks that have gained significantly.