The Nigerian equities market extended its bullish momentum on Thursday, recording its fourth consecutive gain as the NGXASI climbed by 0.25% to close at 99,189.05 points.
Data from the Nigerian Exchange Group, the supervisory authority for trading on the local bourse indicated that the day’s gain was spurred by buying interest in banking stocks such as ACCESSCORP, FCMB, FBNH, and UBA, among other blue chip stocks.
Consequently, there was appreciation of investors’ gain by N48.77 billion, as reflected in the market capitalization, which posted year-to-date N60.10 trillion value.
The NGX data indicated that despite a slight decline in both the UD ratio (3.26x) and market breadth (1.47x) compared to the previous trading session, the market still exhibited positive momentum.
According to the figures at the end of the trading session, there was more widespread buying activity relative to selling, with 28 gainers compared to 19 losers.
At the end of the trading today, the Consumer goods index was the lone loser, declining by 0.77% due to share price declines in the brewery segment, with INTBREW down 6.24% and CHAMPION down 5.41%.
On the other hand, the Banking index demonstrated notable gains of 2.61%, followed by the Insurance index (0.68%), Oil and gas index (0.04%), and Industrial goods index (0.03%).
A further analysis of the trading showed that UBA emerged as the most actively traded stock, dominating the volume charts with a remarkable 2.11% increase and trading 58.4 million units, closely followed by JAPAULGOLD, which traded 35.1 million units.
Despite the bullish sentiment indicated by technical indicators of the local bourse, analysts at Bancorp Securities Limited still advised investors to trade cautiously in stocks with strong fundamentals.
In the firm’s Daily Market Report, the investment experts projected that given the four consecutive days of gains, they expected some minimal profit-taking activities in the market during tomorrow’s trading.
