Dangote, Nestle, Zenith, GTBank hit home run as investors party with N94.4 billion

The local bourse kept up its positive momentum, as investors maintained favourable sentiments for major blue chip stocks. The benchmark All Share Index (ASI) advanced by 0.77% to close at 23,892.92 index points. In turn, the YTD loss closed at 10.93%.

• Investors gained about N94.9 billion in value, as market capitalization closed at N12.44 trillion.

• In terms of activity, the value traded increased by 51.19% to N2.32bn, while the volumes traded climbed by 14.76% to 182.7 million units.

• ZENITHBANK finished as the most active in today’s trading to boost market turnover by 27.2million units of shares valued at N413.34million.

• Across sectors, three of the five indexes under our coverage gained. Price appreciation in NESTLE (+4.00%) moved the NSE Consumer Goods Index up by 1.51%, while the NSE Banking and Industrial Indices trailed to gain 1.39% and 0.34% respectively.

• Conversely, the Insurance index dipped by 1.92% on the back of selloffs in CUSTODIAN (-9.52%), AIICO (-7.53%) and NEM (-7.40%), while the Oil and Gas Index closed flat.

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Top gainers

FIDSON up 9.62% to close at N2.62; NESTLE up 4.00% to close at N1040; GUARANTY up 2.56% to close at N22; ZENITHBANK up 1.99% to close at N15.4; and DANGCEM up 1.74% to close at N146.

Top losers

CUSTODIAN down 9.52% to close at N5.7; NEM down 7.41% to close at N2; AIICO down 7.53% to close at N0.86; INTBREW down 4.00% to close at N4.8; and WAPCO down 1.82% to close at N10.8

Outlook

The Nigerian bourse finished bullish for the second consecutive day this week. Nairametrics, however, advises caution in buying stocks as trading volume remain thin in this period, because many local investors remain on the sidelines.