Data on trading in the Nigerian Exchange on Wednesday showed that the market sustained its bullish momentum for the third consecutive trading day, largely due to gains across sectoral indices except the oil and gas index.
Specifically, the equities market’s All Share Index (ASI) appreciated by 0.26%, closing at 98,227.50 points, just as the capitalization rose by N166.6 billion to settle at N59.5 trillion.
According to Bancorp Securities Limited’s ‘Daily Market Report’ on the day’s trading session, one of the notable highlights of the day was the new listing of HMCALL, which listed on a strong note as it ranked among the top gainers.
Also, the report showed that five stocks, namely SEPLAT, WAPCO, UBA, ARADEL, and ZENITHBANK contributed 53% of the total value traded, with WAPCO extending its streak on the top gainers chart.
The market breadth also remained favourable at 1.44x, as 39 stocks gained during the trading session compared to 27 losers while the total volume increased by 10.95% to 370.5 million units, and total value traded surged by 31.5% to N8.4 billion.
The investment firm’s analysts noted, however, that despite the overall bullish performance, technical indicators painted a mixed picture as the 14-day Relative Strength Index (RSI) stood at 54.01, “signaling the market is nearing oversold territory, which could trigger a rebound if buying interest intensifies.”
