Bargain Hunting in GTCO, OANDO, STANBIC, and DANGSUGAR Lifts stock market by 0.31%

• The Nigerian equities market traded positive reversing losses from the previous session, as the NGX All Share Index (ASI) gained 0.31%, to close at 141,149.04 points. Consequently, the year-to-date return inched up to 37.14% from 36.72% in the previous session. Market capitalisation also appreciated by N279.37bn (+0.31%), to settle at N89.34trn.
• The positive sentiment was driven by bargain hunting in GTCO (+1.98%), OANDO (+9.50%%), STANBIC (+3.09%), and DANGSUGAR (+4.38%), which outweighed selloffs recorded in select banking stocks including FCMB (-3.29%), STERLING (-2.01%), WEMABANK (-1.58%), and FIDELITYBK (-0.49%).
• Sectoral performance was broadly positive, with only the Insurance Index (-0.41%) closing in the red. Conversely, the Banking (+1.02%), the Oil & Gas (+0.74%), and the Consumer Goods (+0.31%) posted gains, while the Industrial Goods (+0.00%) closed in the flat.  
• Market activity improved significantly, as transaction volume and value surged by 1,137.15% and 2,373.24%, respectively. UNITY (+0.00%) dominated the volume chart with 4.00bn units traded, while ARADEL (+0.00%) led the value board with N388.20bn worth of deals.
• Market breadth closed positive at 1.50x, reflecting more gainers than decliners. MECURE (+9.89%) led the thirty-two (32) gainers, while ETERNA (-10.00%) led the twenty-two (22) laggards.  

NASD Summary

• The NASD OTC Securities Index (NSI) and market capitalisation declined by 0.20%, closing at 3,548.11 points and N2.12trn, respectively.
• Market activity declined considerably, with transaction volume and value down by 96.32% and 98.73%.
• SDFCWAMCO (-3.68%) led the market decliners with no advancers recorded in today’s session.