Bulls on Nigeria Stock Exchange held on to gains today, as the benchmark index, NSE ASI hit its highest single-day upside in 7 years at 4.92% as year-to-date return settled at 7.70%, 28,909.37 points. Performance in the market was driven by strong bullish investor sentiment across the board.

Tier-1 banks received the most attention - ZENITHBA NL (+9.47% to N20.80), UBA NL (+9.30% to N7.05), FBNH NL (+9.91% to N6.10), and ACCESS NL (+9.15% to N7.75) as GUARANTY NL returned 6.06% to close at N31.50. STANBIC NL also gained 4.95% to close at N42.50. In the same vain, telcos, cement tickers and consumer goods stocks were also caught in the frenzy mood.

Volume and value traded were 24,09% and 27.88% higher to 749.41 million units and N9.49 billion, respectively. The most traded stocks by volume were ZENITHBA NL (135.69 million units), UBA NL (112.88 million units) and FBNH NL (88.91 million units) while ZENITHBA NL (N2.77 billion), GUARANTY NL (N1.22 billion) and UBA NL (N768.18 million) topped the value chart.

All sub-indices closed in positive territory (Banking, Consumer Goods, Industrial, Oil & Gas, and Insurance sub-indices by 748bps, 295bps, 564bps, 115bps, and 26bps respectively)

Market sentiment was positive as market breadth came in at 5.6x as there were 45 advancers and 8 decliners.

SOURCE: https://brandspurng.com/2020/10/06/nse-asi-hit-its-highest-single-day-upside-in-7-years-at-4-92/