NGX ASI advances by 55bps

Opening the week, the domestic bourse extended gains from last week as the benchmark index closed 0.55% stronger to settle at 99,922.63 points. Buy interest in ZENITHBANK (+0.68%), OANDO (+5.88%), and FBNH (+1.89%) kept the market in the green, outweighing selloffs in MTNN (-0.57%), GTCO (-1.79%) and ACCESSCORP (-0.62%). As a result, the year-to-date (YTD) return rose to 33.63%, while market capitalization gained ₦331.33bn to close at ₦60.57trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 58.75% and total of 740.89bn shares valued at ₦16.88bn. STERLINGNG (+0.82%) led the volume chart with 196.97m units traded while WEMABANK (+0.00%)  led the value chart in deals worth ₦1.33bn
Market breadth closed positive at a 1.20-to-1 ratio with advancing issues outnumbering declining ones. ROYALEX (+10.00%) topped twenty-nine (29) others on the leader’s log, while UPL (-9.81%) topped twenty-four (24) others on the laggard’s table
Oil and gas stocks continued to gain investors’ attention, with Aradel Holdings and Oando Energy driving the momentum. In support, some banking names are also pushing. Bargain hunting has heated up the All-Share index due to improved investors’ sentiment in the local bourse. At midday, the NGX All Share Index witnessed a positive trajectory, displaying a gain of 0.67%, Alpha Morgan Capital Limited told investors in an emailed note. Stockbrokers attributed the bullish trend to the buying interest of investors in some mid- to high-capitalised stocks. Top performers include Ticker: ARADEL which has seen a maximum daily allowable price surge of 10.00%. INTBREW has gained 9.90% during the early trading hours in the equities market, while OANDO is up by 5.95% after a strong weekly gain. FBNH comes back to the rally space with 1.89% price appreciation, while investment banking stock United Capital Plc, or Ticker: UCAP, has surged by 1.34%. ZENITHBANK is already up by 1.14%, and WAPCO has gained 0.71%, with TRANSCORP doing 0.46% and UBA 0.30%. From behind, GTCO has seen a 0.09% increase in its market value. #Investors Intraday Bets on Oando, Aradel Boost Equities Market