BY BAMIDELE FAMOOFO
In the seventh consecutive session of gain – the longest winning streak since January 7, 2022 – strong bullish sentiment pervaded the Lagos bourse as the benchmark index posted a 0.55 percent gain to close at 48,837.76 points, the highest point since 11 September 2008. The gain puts the index on track for its third consecutive week of gain since the week ended 14 April 2022.
In the wake of the Q1 2022 earnings season, MTNN (+0.94%), ZENITHBANK (+1.66%), UBA (+0.61%), FBNH (+0.85%), ACCESSCORP (+0.51%) and SEPLAT (+9.09%) were the market movers reflecting strong investor appetite after muted activity in previous sessions. As a result, the year-to-date (YTD) return rose to 14.33 percent, while market capitalization gained N143.41bn to close at N26.33trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions advancing by 138.55 percent. A total of 759.65m shares valued at N5.54bn were exchanged in 5,032 deals. FCMB (+0.28%) led the volume and value charts with 503.98m units traded in deals worth N1.76bn.
Market breadth closed positive at a 2.00-to-1 ratio with advancing issues outnumbering declining ones. CADBURY (+10.00%) topped thirty-three (33) others on the gainer’s log, while CHAMPION (-6.88%) led sixteen (16) others on the laggard’s table.
