Performance at the equities market on Tuesday, February 5, sustained a bullish run the All Share Index (ASI) added 0.1% higher to settle at 30,773.57 points due to sustained bargain hunting on Stanbic (+2.0%) Guaranty (+0.7%) and FBN Holdings (1.4%).
The market capitalisation thus added N11 billion to settle at N11.5 trillion while activity level also improved with volume and value traded advancing by 3.9% and 181.2 percent to 190.3m units and N2.9bn respectively.
Equities market analyst at Afrinvest expect bargain hunting to further persist. They however do not rule out the possibility of sell-offs in subsequent trading sessions as the country approaches the general elections.
Banking stocks topped the activity chart as Guaranty (N1.7bn), Zenith (N473.2m) and FBN Holdings (N140.9m) were the top traded by value while for the top traded by volume also had Guaranty (N49.2m), Zenith (N20.7m) and FBN Holdings (N18.9m).
The Insurance index led gainers up 1.0 percent due to gains in AIICO Insurance (+3.1%) while the Oil & Gas index also inched 0.4 percent following price appreciation in Oando (+3.1%). Similarly, the Banking and Industrial Goods indices appreciated 0.2 percent apiece, following gains in Guaranty (+0.7%), Access (+1.6%), and Betaglass (+10.0%).
On the flip side, the Consumer Goods index was down by 0.1 percent owing to price depreciation in Daangote Sugar (-3.2%) and Honeywell Flour (-2.4%).
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 1.8x from 0.9x recorded Monday as 21 stocks advanced while 12 declined.
The best performing stocks were Betaglas (+10.0%), ABC Transport (+8.3%) and Consolidated Hallmark Insurance Plc (+6.9%) while the worst performers were led by AG Leventis (-6.9%), Nigerian Aviation Handling Company (-3.7%) and Dangote Sugar (-3.2%).