The Nigeria equities market sustained its bullish run for the sixth consecutive trading session, gaining +2.93% today as the ASI hit a new 4-year high of 43,041.54pts.
Market breadth index, a gauge of investor sentiment, closed positive with 56 gainers against 10 decliners.
HONYFLOUR (+9.97%) topped the gainers’ chart while UPL (-4.71%) had the worst performance.
TRANSCORP (+7.58%) was the most actively traded stock with c.208million units of shares worth c.N439m.
· NSE Banking Index: Gained +4.38%, following the gains in DIAMONDBNK (+8.62%), FBNH (+8.47%), FCMB (+6.78%), GUARANTY (+4.99%) and ETI (+4.98%)
· NSE Industrial Index: Advanced by +3.27% on account of the advancement in CCNN (+9.96%), WAPCO (+5.00%) and DANGCEM (+2.02%)
· NSE Oil and Gas Index: Closed up +2.70%, largely driven by the gains in FO (+8.65%), CONOIL (+4.99%) and SEPLAT (+2.27%).
· NSE Consumer Goods Index: Rose by +2.32% on the back of the gains in HONYFLOUR (+9.97%), CHAMPION (+9.92%) and UACN (+5.03%).
The equities market continued its bullish run today, driven by the gains across major sectors. However we highlight the potential for profit taking given the performance of the market in recent times. This may present a decent entry opportunity into our recommended names in anticipation of the release of full year results later this quarter.
TOP PICKS: ACCESS, DANGCEM, GUARANTY, NB, NESTLE, UBA & ZENITHBANK