MTN, Stanbic IBTC lead Nigerian stocks in a hat trick

The Nigerian stock market extended its positive stance into the third trading session, as the All Share Index (ASI) rose marginally by 0.10 % to settle at 25,407.96 basis points, pegging Year-to-Date return at -5.33% while the market capitalization sits at N13.25 trillion.

A turnover of 353.32 million shares valued at N7.03 billion in 4,659 deals was recorded in today’s trading. FBNH was the most traded stock by volume at 50.2 million units, while NB topped by value at N2.02 billion.

Market breadth finished flat, with 19 gainers led by SKYEAVN (+9.66%) and PRESCO (+9.04%), while 19 stocks declined, topped by PZ (-9.43%).

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Analyzing by sectors, the Insurance index recorded 0.05% increase as LASACO and AIICO gained +8.00% and +4.55% respectively, while losses recorded in ACCESS (-3.54%), UBA (-1.47%), GUINNESS (-5.00%), and WAPCO (-0.87%) closed the Banking, Consumer Goods and Industrial indices by -0.58%, -0.38% and -0.16% respectively. The Oil and Gas index remained flat.

Top gainers 

SKYAVN up 9.66% to close at N2.27; PRESCO up 9.04% to close at N45.25; ETI up 7.77% to close at N5.55; STANBIC up 2.15% to close at N33.2; and MTNN up 1.29% to close at N118.

Top losers 

PZ down 9.43% to close at N4.8; CILEASING down 9.35% to close at N4.85; UACN down  8.33% to close at N7.7; GUINNESS down 5.00% to close at N19; and DANGCEM down 0.35% to close at N140.5.

Outlook 

The bullish momentum continued for the third day, passing the market capitalization resistance level of N13 trillion, triggered by favorable macro fundamentals as the price of crude gained past $40 a barrel.

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