Stock Market Triggers Circuit Breaker as Investors Gain ₦1.1tn
Olayemi Esan (with Market Forces Africa Report) The Nigerian Stock Exchange (NSE) triggers circuit breaker...

Olayemi Esan (with Market Forces Africa Report) The Nigerian Stock Exchange (NSE) triggers circuit breaker for the first time since 2016 as equities investors gain ₦1.1 trillion. Following the collapse in stop rates to below 0.5% for all maturities at the primary market auction, domestic equities has been enjoying patronage of investors, says Cowry Assets Management.Hence, the NSE All Share Index gained 6.23%, triggering a 30-minute trading halt of all stocks as ASI rose beyond the set threshold of 5%.Similarly, the Exchange printed 62 gainers as against 7 losers even as the year to date gain of the NSE ASI rose to 31.66%.The benchmark index advanced 6.23% to close at 35,342.46 points on the back of gains in DANGCEM (+8.1%), BUACEMENT (+10.0%) and AIRTELAF (+10.0%).The rally lifted NSE market capitalisation to ₦18.5 trillion while year to date return improved to 31.7%.Activity level surged as volume and value traded increased by 39.0% and 92.0% to 1.2bn units and ₦17.4bn in that order.The most traded stocks by volume were ZENITH (161.4m units), FBNH (121.5m units) and ACCESS (100.8m units).Meanwhile ZENITH (₦4.5bn), MTNN (₦2.7bn) and GUARANTY (₦1.8bn) led by value.Afrinvest said in a comment that all the 6 sectors that the firm tracks maintained the positive run.The Industrial Goods and Banking indices advanced the most, up 8.7% and 7.9% respectively following price appreciation in DANGCEM (+8.1%), BUACEMENT (+10.0%), and ZENITH (+10.0%).Similarly, the Consumer Goods and AFR-ICT indices closed 5.8% and 5.0% higher respectively on account of buying interest in NIGERIAN BREWERIES (+9.7%), NESTLE (+3.6%) and AIRTELAF (+10.0%).The Insurance and Oil & Gas indices strengthened 4.8% and 2.0% respectively, driven by buying interest in MANSARD (+9.6%), OANDO (+9.8%) and ARDOVA (+9.7%).Investor sentiment as measured by market breadth rose to 9.3x from the 7.3x recorded previously as 65 tickers gained against 7 losers.AIRTELAF (+10.0%), BUACEMENT (+10.0%) and CADBURY (+10.0%) led the top gainers while ETERNA (-9.9%), MAYBAKER (-9.7%) and MORISON (-9.3%) led the decliners.“Given the sustained positive run, we expect the market to close the week on a bullish note”, Afrinvest said.

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