Nigeria, Kenya and South African Bourses See Gains

The Nigerian Stock Exchange has sustained its steady bullish momentum after rising by 0.15% to a 25,330.10 close. The rise of the local bourse was due to buying interest in STANBIC (+4.5%), FBNH (+1.0%) and GUARANTY (+0.2%) driving the benchmark index up 15bps.

After 3,411 deals, investors gained ₦20.0billion as market capitalization advanced to ₦13.2trillion while YTD loss moderated to -5.6%. Activity level was mixed as volumes traded fell by 28.1% to 180.7million units while value traded rose 16.0% to ₦1.355bn.

The top traded stocks by volume were FIDELITY which sold 26.6million units, UBA with 19.5million units and ACCESS with 19.0million units. NESTLE (₦198.1million), ZENITH (₦172.8million) and GUARANTY (₦159.5milliin) led by value.

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The Insurance and Banking indices closed on a negative, down 92bps and 3bps respectively, owing to price depreciation in UBA (-1.5%), CORNERSTONE (-9.7%) and CUSTODIAN (-2.0%). On the other side, the Consumer Goods index was the lone gainer, up 16bps due to buying interest in PZ (+5.0%), CHAMPION (+7.1%) and GUINNESS (+1.3%). Lastly, the Oil & Gas, Industrial Goods and AFR-ICT indices closed flat.

The top gainers were FTNCOCOA (+10.0%), NNFM (+9.8%) and UPL (+9.6%) while CORNERSTONE (-9.7%), AFRIPRUD (-6.7%) and WAPIC (-2.9%) lost the most.

Following a six-day consecutive bullish streak, we expect to see some profit-taking in subsequent trading days.

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In South Africa, the JSE FTSE rose 0.82% or 458.01bps to 56,572.24. Y-o-Y the South African index has advanced 5.13%.
In Kenya, the Nairobi Securities Exchange’s All Share Index gained 1.01% or 1.35bps to close at 135.24. Year-on-Year, the leading securities exchange in East African was down -8.74%.

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