Equities market sustains winning streak… ASI Up 0.4%

In today’s trading session, the benchmark index maintained a positive performance for the third consecutive day advancing 0.4% to 30,989.6 points buoyed by gains in DANGCEM (+1.1%), GUARANTY (+1.8%) and ACCESS (+6.2%). As a result, YTD loss improved to -1.4% as market capitalization increased by N43.2bn to to N11.6tn. However, activity level was mixed as value traded rose 6.0% to N3.1bn while volume traded fell by 28.7% to 268.3m units. The top traded stocks by value were ZENITH (N806.5m), GUARANTY (N411.5 m), and SEPLAT (N280.4m), while ZENITH (36.5m units), UBA (31.6m units) and FBNH (29.0 m units) were the top traded stocks by volume.

Across sectors, performance was bullish as 4 of 5 indices under our coverage advanced. The Insurance index gained 1.1% due to price appreciation in MANSARD (+7.5%) and CORNERSTONE (+5.0%) while the Banking index trailed, rising by 0.7% on the back of gains in ACCESS (+6.2%), GUARANTY (+1.8%) and WEMA (+3.2). The Oil and Gas index posted a similar performance, up 0.7% following bargain hunting in OANDO (+1.1%) while the Consumer Goods index closed flattish as inched 1bp propped by gains in CHAMPION (+2.6%) and HONYFLOUR (+4.9%). However, the Industrial Goods index performed negatively, down 1.0% due to losses in CCNN (-4.0%).
Investor sentiment fell to 1.3x from 2.1x recorded in the previous trading session as 26 stocks advanced against the 20 stocks that declined. The top performing stocks for the day were LEARNAFR (+9.9%), IKEJAHOTEL (+9.9%) and MANSARD (+7.5%) while the least performing stocks were MEDVIEW (-9.8%), RESORTSAL (-9.1%) and UBN (-8.9%). We expect that today’s positive performance will persist into tomorrow, the final trading session of the week. However, we maintain our bearish outlook for the market in the near-term.

Market Statistics Thursday, 24th January 2019 

Market Cap (N’bn)                                          11,558.1

Market Cap (US$’bn)                                            37.8

NSE All-Share Index                                      30,989.60

Daily Performance %                                              0.4

1 Week Performance %                                         1.3

YTD Performance %                                            (1.4)

Daily Volume (Million)                                        268.3

Daily Value (N’bn)                                                  3.1

Daily Value (US$’m)                                             10.3

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