NGX ASI gains 25bps, as bullish sentiment persist

Today, bullish sentiment persisted on the domestic bourse, as the benchmark index closed 25bps stronger to settle at 98,760.59 points. The market’s performance was spurred by gains in FBNH (+0.38%), OANDO (+3.73%), and WAPCO (+6.06%), which outweighed losses in  ZENITHBANK (-0.79%),  UBA (-0.90%) , and  ACCESSCORP (-0.21%). Consequently, the year-to-date (YTD) return increased to 32.08%, while the market capitalisation gained ₦152.10bn to close at ₦59.87tn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 8.94%. A total of 489.65m shares valued at ₦7.06bn were exchanged in 8,304 deals. FCMB (+0.00%) led the volume and value charts with 77.63m units traded in deals worth ₦698.66m.
Market breadth closed positive at a 1.45-to-1 ratio with advancing issues outnumbering declining ones.
Again, CONOIL (+10.00%) topped twenty-eight (28) others on the leader’s log, while DAARCOMM (-8.47%) led nineteen (19) others on the laggard’s table. Conoil and Guinness Nigeria Plc are driving intraday gain in the equities segment of the Nigerian Exchange (NGX) on Thursday, sustaining the latest rally. Due to heated up buying momentum on the Nigerian Exchange trading platform during the intraday session, the market index has surged. The market had posted a significant gain of about N184 billion yesterday. A day earlier, the local bourse advanced by N60 billion. Stockbrokers said the bargain hunting would continue ahead of Santa Claus rally arrival in the latter part of trading session in Dec, 2024.
At midday, the NGX All Share Index witnessed a positive trajectory, displaying a gain of 0.06%, Alpha Morgan Capital Limited said in a note today. Stockbrokers attributed the uptrend to investors buying interest in some mid- to high-capitalised stocks. After the oil stock hit a fresh 52-week high, CONOIL saw another 10.00% uptick in the equities market as demand spiked. Also, GUINNESS has gained 4.84% as investors sentiment improved. Today, STERLINGNG market value has surged by 1.68% while OANDO has gained 1.13%. Investment firm with Ticker: UCAP popped higher by 1.12% while FBNH gained 0.95% during midday. Market data showed that WEMABANK price has increased by 0.58%, and DANGSUGAR is up 0.29%, among other early risers. #NGX Index Rises Intraday as Conoil, Guinness Rally