Nigerian Bourse Sustains Uptrend …NSE ASI up 1.1%

Market Cap (N’bn) 8,911.6
Market Cap (US$’bn) 29.1
NSE All-Share Index 25,755.18
Daily Performance % 1.1
Week Performance % 0.9
YTD Performance % (4.2)
Daily Volume (Million) 241.6
Daily Value (N’bn) 1.5
Daily Value (US$’m) 4.9

Nigerian equities sustained gains as the All Share Index further strengthened 1.1 per cent, trimming year to date loss to 4.2 per cent. Performance was largely driven by rebound in the prices of DANGCEM (+2.2%) and GUARANTY (+2.0%) as well as further appreciation in WAPCO (+5.0%) and 7UP (+9.4%). Consequently, market capitalisation improved N98.1 billion to settle at N8.9 trillion. Activity level also improved as volume and value traded increased 52.2 per cent and 32.2 per cent to 241.6 million units and N1.5 billion with a total of 3,339 deals.
Similar to the previous trading day, performance by sector closed bullish as all indices appreciated. The Industrial Goods index recorded the highest gain (+3.2%) on account of renewed buying interest in DANGCEM (+2.2%) and WAPCO (+5.0%). The Oil & Gas index followed, up 1.4 per cent on the back of sustained rally in OANDO (+7.3%) and MOBIL (+3.7%) while GUARANTY (+2.0%) and CONTINSURE (+4.3%) pushed the Banking and Insurance indices 0.5% higher apiece. Similarly, the Consumer Goods index added 0.4 per cent driven by gains in 7UP (+9.4%) and DANGFLOUR (+9.8%).
Investor sentiment stayed positive as market breadth settled at 1.1x albeit lower than 1.6x recorded the previous day. A total of 19 stocks advanced against 17 declining stocks. The best performing stocks were DANGFLOUR (+9.8%), 7UP (+9.4%) and LEARNAFRICA (+7.5%) while CONOIL (-5.0%), MAYBAKER (-3.3%) and UCAP (-3.0%) declined the most. As expected, the attractive prices of some value stocks prompted buying interest by short-term investors. We expect the market to trade sideways in subsequent sessions.
In the NASD OTC exchange, the total volume and value of transactions traded were 56,528 units and N8.0 million respectively while only 2 counters traded. The volume and value traded appreciated 456.4 per cent and 474.9 per cent respectively.