Equities market extends three-day gaining streak

The equities market closed yesterday on a positive note, as Nigerian Stock Exchange [NSE] All Share Index [ASI] appreciated by 0.35 per cent to close at 30,325.11basis points, compared with the 1.29 per cent appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 12.50 per cent

Market breadth also closed positive as Transexpr led 25 gainers against 16 losers topped by Vitafoam at the end of yesterday’s session- an improved performance when compared with previous outlook.

Market turnover equally closed positive as volume moved up by 134.93 per cent against 70.77 per cent decline recorded in the previous session. Wema Bank, Zenith Bank and UBcap were the most active to boost market turnover. Wapco and Zenith Bank topped market value list.

Volume shockers included Wema Bank which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.

Meanwhile, buying activities dominated the FGN bond market last week as system liquidity remained elevated. Consequently, yields dropped by an average of 87bps across all benchmarks.

At the FGN bond auction last week, two benchmark bonds were re-opened that is, the 15.54 per cent February 2020 (five year) and 14.20 per cent March 2024 (10year). N80 billion was offered and sold – N40 billion (five year) FGNs and N40 billion (10year) FGNs at marginal rates of 13.11 per cent and 13.87 per cent respectively.

Market capitalisation rose by N236.13billion ($1.20 billion) and closed at N5.50 trillion ($27.91) from last week’s figure of N5.26 trillion ($26.71).