After two days of bearish sentiment in the Nigerian Exchange, the bulls regained hold on the local bourse on Friday with the market All Share Index (ASI) rising by 1.78% and closing at 103,598.30 points,
Based on this, the market capitalization surged to N63.64 trillion, translating to N497.67 billion gain by investors at the end of the day’s trading.
The positive trend in the market can largely be attributed to gains recorded by some blue chip stocks including Guinness Nigeria following the release of its Q4 2024 financial results.
Data from the Nigerian Exchange Group, the market’s supervisory group showed that Guinness Nigeria led the gainers’ chart with a 10% increase, driven by the positive news of its earnings and was followed by SCOA, which achieved a remarkable 10% increase for the third consecutive day. Also ACCESSCORP gained 2.43% while the share price of UBA rose by 4.29% at the end of the trading session.
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The data of the trading metrics reflected mixed sentiments as the total value of traded sharply declined by 60.57%, to settle at N8.98 billion while the total trading volume increased by 46.17%, with 576.41 million units exchanged during the day.
However, Bullish sentiment dominated the sector indices with all the sectors closing in the green except the Insurance sector, which dipped by 2.15% largely due to sell-offs in INTENEGINS (-9.74%), SOVRENINS (-9.40%), SUNUASSUR (-8.91%), and PRESTIGE (-8.51%).
According to the NGX data, the Banking sector continued to lead the gainer’s chart, gaining 1.97%,primarily due to investors’ buying interest in UBA (3.29%), ACCESSCORP 2.53%, and ZENITHBANK (3.12%), STERLINGNG (1.80%), as they begin to position ahead of potential high returns from the stocks in the weeks ahead of their financial statements.
Also, Consumer Goods appreciated by 0.70% driven by gains in GUINNESS 10% while Industrial Goods sector marginally gained 0.09%, and the Oil and Gas sector closed flat.
Overall, the market sentiment was bullish, with a market breadth of 1.48x, with 34 stocks gaining compared to 23 losers. The TRIN ratio slightly declined from 0.12x in the previous day’s trading to 0.11x at the close of the week’s trading sessions, indicating continued positive momentum.
Similarly, the bullish trend continued on the NASD OTC Market, as the NSI gained 0.42%, closing at 3,133.2 points today.
