Nigerian Equities Market Continues Bullish Run, ASI Nears 118,000 Points
The Nigerian equities market witnessed another strong performance as the NGX All-Share Index (NGXASI) rose by 0.92%, closing at 117,861.13, up from the previous day’s 116,786.87. This latest gain pushes the year-to-date (YTD) return to an impressive 14.23%, reflecting sustained investor confidence in the local bourse.
In terms of market activity:
• Volume of shares traded surged by 43.93%, moving from 602.09 million to 866.60 million units.
• Interestingly, while volume spiked, the total market turnover (value of shares traded) declined by 4.50%, from ₦21.49 billion to ₦20.52 billion.
• A total of 15,903 deals were recorded for the day.
Market Breadth and Performance
Market breadth was positive with a breadth ratio of 1.96x, as 45 stocks gained, while 23 stocks declined. This shows an overall bullish sentiment, albeit with some caution. Volume was up for 72 stocks, while 68 stocks recorded lower volume.
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Top Gainers (Over the Last 5 Trading Days)
Several stocks have posted outstanding gains in the last five sessions, with a few leading the momentum both daily and weekly:
• UPL surged by 20.64% over five days and gained 9.85% on the reporting day alone.
• Beta Glass (BETAGLAS) jumped 19.43% over five days and 9.98% for the day.
• NEM Insurance gained 19.33% weekly and 8.48% daily.
• LivingTrust Mortgage Bank advanced 18.88%, reflecting strong interest in the stock.
• Others in the top ten include Thomas Wyatt, GTCO, DEAP Capital, RT Briscoe, Learn Africa, and Regal Insurance, each delivering double-digit percentage gains over the week.
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Top Losers (Over the Last 5 Trading Days)
On the flip side, some stocks suffered notable losses:
• VSPBONDETF plunged 20.51% over the last five trading days, making it the biggest loser.
• Guinea Insurance dropped 10.39%, with a significant daily decline of 9.21%.
• Others on the losing end included MERGROWTH, Greenwich ETF (GREENWETF), NSLTECH, and FTN Cocoa.
• Chams, HMCALL, and UNIVINSURE also experienced consistent losses, continuing their bearish trend.
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Daily Leaders: Top Gainers (June 19)
• Ikeja Hotel topped the gainers’ chart, rising by 10.00% to close at ₦15.40.
• Beta Glass followed closely with a 9.98% gain to close at ₦276.00.
• Legend Int’l, UPL, and Eterna completed the top five gainers, with each stock posting gains close to or above 9%.
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Daily Decliners: Top Losers (June 19)
• Greenwich ETF declined by 9.99%, closing at ₦309.90.
• Guinea Insurance lost 9.21%, closing at ₦0.69.
• Other notable decliners included HMCALL, C&I Leasing, and McNichols, all dropping by around 5-6%.
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Currency Market
There was no change in the Naira-to-Dollar exchange rate, which remained steady at ₦1 to $1 for the day.
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Technical Signals: Bullish Stocks
A number of stocks signaled bullish momentum, as they crossed above their 15-day moving averages — a key indicator used by technical analysts:
• Ikeja Hotel showed strong buying pressure, with price jumping above its 15-day MA.
• Legend Int’l, UPL, Sterling Bank, DAAR Communications, Julius Berger, FCMB, Fidelity Bank, Zenith Bank, UBA, UPDC REIT, and Jaiz Bank all joined the bullish signal list.
• These technical crossovers indicate potential for further upside, particularly if market and sector-wide trends remain supportive.
⸻
⚠️ Bearish Signals
The report also flagged stocks showing bearish pressure, having crossed below their 15-day moving averages. This typically means:
• These stocks are under selling pressure.
• Caution is advised, especially if the broader market is still trending upward.
• Investors may consider setting alerts for possible exits or closely monitor performance for a potential rebound.
⸻
✅ Final Word
The Nigerian market is experiencing a strong rally, with select stocks and sectors outperforming. However, the divergence in turnover versus volume, coupled with technical signals and a few prominent decliners, suggests that while investor sentiment remains bullish, profit-taking and cautious rotation across stocks are still in play. Investors are advised to combine technical and fundamental analysis when reviewing positions.
The Nigerian equities market witnessed another strong performance as the NGX All-Share Index (NGXASI) rose by 0.92%, closing at 117,861.13, up from the previous day’s 116,786.87. This latest gain pushes the year-to-date (YTD) return to an impressive 14.23%, reflecting sustained investor confidence in the local bourse.
In terms of market activity:
• Volume of shares traded surged by 43.93%, moving from 602.09 million to 866.60 million units.
• Interestingly, while volume spiked, the total market turnover (value of shares traded) declined by 4.50%, from ₦21.49 billion to ₦20.52 billion.
• A total of 15,903 deals were recorded for the day.
Market Breadth and Performance
Market breadth was positive with a breadth ratio of 1.96x, as 45 stocks gained, while 23 stocks declined. This shows an overall bullish sentiment, albeit with some caution. Volume was up for 72 stocks, while 68 stocks recorded lower volume.
⸻
Top Gainers (Over the Last 5 Trading Days)
Several stocks have posted outstanding gains in the last five sessions, with a few leading the momentum both daily and weekly:
• UPL surged by 20.64% over five days and gained 9.85% on the reporting day alone.
• Beta Glass (BETAGLAS) jumped 19.43% over five days and 9.98% for the day.
• NEM Insurance gained 19.33% weekly and 8.48% daily.
• LivingTrust Mortgage Bank advanced 18.88%, reflecting strong interest in the stock.
• Others in the top ten include Thomas Wyatt, GTCO, DEAP Capital, RT Briscoe, Learn Africa, and Regal Insurance, each delivering double-digit percentage gains over the week.
⸻
Top Losers (Over the Last 5 Trading Days)
On the flip side, some stocks suffered notable losses:
• VSPBONDETF plunged 20.51% over the last five trading days, making it the biggest loser.
• Guinea Insurance dropped 10.39%, with a significant daily decline of 9.21%.
• Others on the losing end included MERGROWTH, Greenwich ETF (GREENWETF), NSLTECH, and FTN Cocoa.
• Chams, HMCALL, and UNIVINSURE also experienced consistent losses, continuing their bearish trend.
⸻
Daily Leaders: Top Gainers (June 19)
• Ikeja Hotel topped the gainers’ chart, rising by 10.00% to close at ₦15.40.
• Beta Glass followed closely with a 9.98% gain to close at ₦276.00.
• Legend Int’l, UPL, and Eterna completed the top five gainers, with each stock posting gains close to or above 9%.
⸻
Daily Decliners: Top Losers (June 19)
• Greenwich ETF declined by 9.99%, closing at ₦309.90.
• Guinea Insurance lost 9.21%, closing at ₦0.69.
• Other notable decliners included HMCALL, C&I Leasing, and McNichols, all dropping by around 5-6%.
⸻
Currency Market
There was no change in the Naira-to-Dollar exchange rate, which remained steady at ₦1 to $1 for the day.
⸻
Technical Signals: Bullish Stocks
A number of stocks signaled bullish momentum, as they crossed above their 15-day moving averages — a key indicator used by technical analysts:
• Ikeja Hotel showed strong buying pressure, with price jumping above its 15-day MA.
• Legend Int’l, UPL, Sterling Bank, DAAR Communications, Julius Berger, FCMB, Fidelity Bank, Zenith Bank, UBA, UPDC REIT, and Jaiz Bank all joined the bullish signal list.
• These technical crossovers indicate potential for further upside, particularly if market and sector-wide trends remain supportive.
⸻
⚠️ Bearish Signals
The report also flagged stocks showing bearish pressure, having crossed below their 15-day moving averages. This typically means:
• These stocks are under selling pressure.
• Caution is advised, especially if the broader market is still trending upward.
• Investors may consider setting alerts for possible exits or closely monitor performance for a potential rebound.
⸻
✅ Final Word
The Nigerian market is experiencing a strong rally, with select stocks and sectors outperforming. However, the divergence in turnover versus volume, coupled with technical signals and a few prominent decliners, suggests that while investor sentiment remains bullish, profit-taking and cautious rotation across stocks are still in play. Investors are advised to combine technical and fundamental analysis when reviewing positions.