Stock Market Ends 2019 With N362bn Gain
The nation’s stock market ended the year with a N362bn gain as the last three trading days of the year saw positive performances.
The market capitalisation of equities listed on the NSE increased from N12.595tn on Tuesday last week to NN12.753tn on Friday.
The gaining streak was sustained on Monday as the market capitalisation increased further to N12.846tn and the N12.958tn which it closed at on Tuesday.
The All Share Index increased by 87 basis points on the last day of trading in 2019.
Analysts at Afrinvest Securities Limited said the equities market posted a bullish performance as buying interest in Seplat Petroleum Development Company Plc, Stanbic IBTC Holdings Plc and Lafarge Africa Plc pulled the ASI higher to close at 26,842.07 points.
They said they believed the positive performance was partly driven by portfolio rebalancing activities by asset and portfolio managers.
Consequently, the year-to-date return moderated to -14.6 per cent while market capitalisation increased by N112.4bn.
Activity level on the last trading day was mixed as volume traded rose by 175.2 per cent to 1.054 billion units while value traded fell by 23.5 per cent to N5.496bn.
The top traded stocks by volume were Access Bank Plc (47.3 million units), United Bank for Africa Plc (37.4 million units) and Zenith Bank Plc (29.8 million units) while Dangote Cement Plc (N2.4bn), Zenith Bank (N554m) and Access Bank (N471.4m) were the top traded stocks by value.
In line with market performance, sector performance was broadly positive as all sectors recorded gains, save the consumer goods index, which closed negative, down 0.3 per cent on the back of losses in Nigerian Breweries Plc and Dangote Sugar Refinery Plc.
The oil and gas index led gainers, up by 6.7 per cent following buying interest in Seplat Petroleum and Oando Plc.
The industrial goods and insurance indices trailed, gaining 2.2 per cent and two per cent, respectively, as investors positioned in Lafarge, Dangote Cement, AXA Mansard Insurance Plc and Prestige Paints Plc.
The banking index closed higher by 1.4 per cent buoyed by price appreciation in Guaranty Trust Bank Plc, Access Bank and Zenith Bank while the AFR-ICT index closed flat.
Investor sentiment strengthened as market breadth (advance/decline ratio) weakened to 1.8x from the 2.0x recorded on Monday as 24 stocks appreciated compared with 13 decliners.
The top gainers were Seplat Petroleum, AXA Mansard, Vitafoam Nigeria Plc, GlaxoSmithKline Nigeria Plc and Cornerstone Insurance Plc, which saw respective gains of 10 per cent, 10 per cent, 10 per cent, 9.9 per cent and 9.8 per cent.
The top five losers were UPDC Real Estate Investment Trust, Cutix Plc, Lasaco Assurance Plc, Chams Plc and Africa Prudential Plc, whose respective share prices shed 9.6 per cent, 8.3 per cent, 7.4 per cent, 5.7 per cent and 4.3 per cent.