Dangote, MTN, GTbank hit a home run as Nigeria’s bourse sustains bullish momentum

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Investors at Nigeria’s bourse gained N47.9 billion in second trading day of June over share price appreciation in blue-chip companies. The market capitalization which opened the month at N13.168 trillion inched higher by 0.27 % to close at N13.241 trillion.

Also, the NSE All-Share Index rose by 67.28 points or 0.27% to close at 25,383.43 basis points compared with 25,316.15 points it closed yesterday.

Thus, Year-to-Date losses moderated to 5.43% Market activity closed strong compared to the previous trading session, as total volume and value improved by 49.18% and 128.03% to close at 377.88 million units and N6.05 billion respectively.

Nigerian Breweries was the most traded stock by volume at 50.4 million units, valued at N2.22 billion.

Market breadth finished flat with 20 gainers led by NEIMETH (+9.84%), while 18 stock declined, topped by UBN (-8.21%).

Performance across sectors under review was mixed as two indices gained, two lost, while the oil and gas index remained unchanged. The Insurance index (+0.44 %) led gainers following price appreciation in CHIPLC (+8.33%) and AIICO (+3.77%).

The industrial (+0.20%) indices trailed due to buying interest in DANGCEMENT (+1.44%), while the Consumer Goods & Banking index shed -0.13 % and -0.09% on the back of price decline in UACN (-6.67%), UBN (-8.21%) and ACCESS BANK (-1.39%).

(READ MORE: Dangote, Cadbury, Flourmills regain bullish momentum on Nigerian Stock Exchange)

Top gainers 

SKYAVN up 9.52% to close at N2.07,GUARANTY up 2.24% to close at N25.1,NASCON up 1.80% to close at N11.3,DANGCEM up 1.44% to close at N141,MTNN up 0.43% to close at N116.5

Top losers 

UBN down 8.21% to close at N6.15,UACN down 6.67% to close at N8.4,MAYBAKER down 5.33% to close at N3.2,PZ down 3.64% to close at N5.3,WAPCO down 1.72% to close at N11.45

Outlook 

Blue chip kept the momentum has some stocks closed flat today, Nairametrics envisage cautious buying as market liquidity remains a bit thin.