The benchmark index at the Nigerian Stock Exchange (NSE) further improved by 0.2% to close at 30,825.00 basis points at the end of the second session this week.
Analysts at Afrinvest, an investment bank, said the sustained uptrend is attributable to gains in Dangote Cement (+1.8%) Nigerian Breweries (+0.7%), and Access (+0.6%).
Likewise, market capitalisation increased ₦20.8 billion to close at ₦10.6 trillion during trade. In addition, market activities were mixed as volume of shares traded rose 165.3% to 707.5 million while the value declined 21.0% to ₦2.5 billion.
Banking Index Extends Loss
The Banking index continued in red (-1.2%) due to losses in stocks such as Zenith (-2.9%), UBA (-1.2%) and ETI (-0.7%). The Insurance index declined 1.5% on price depreciation in Mansard (-4.0%) and AIICO (-4.3%).
The Industrial Goods index (+0.7%) rebounded to a positive close as investors placed bullish bets on Dangote Cement (+1.8%). The Oil & Gas and Consumer Goods indices both increased 0.2% by the close of trade.
Market Sentiment Falls
Market breadth (advancers/decliners ratio) declined to 0.7x from the previous 1.3x as 20 counters advanced against 28 decliners. Leading the gainers' table were TransExpress (+5.8%), UPL (+5.0%) and Berger (+4.9%).
On the contrary, the market laggards were led by SCOA (-4.8%), Caverton (-4.7%) and MayBaker (-4.5%). Still in anticipation of the President's ministerial list to be released tomorrow, it is expected that the bullish run in the stock market will be sustained in the next trading session.