Nigerian Stock market gains… ASI up 29bps

Price appreciation in ZENITH (+3.6%), GUARANTY (+2.6%) and WAPCO (+2.2%) buoyed market performance as the All-Share index rose 29bps to close at 39,312.74 points. Consequently, YTD loss improved to -2.4% while market capitalisation rose ₦59.4bn to ₦20.5tn. Trading activity improved as volume and value traded rose 35.7% and 11.1% to 324.2m units and ₦3.3bn respectively. The most traded stocks by volume were ETRANZACT (72.2m units), ZENITH (44.0m units) and ACCESS (23.0m units) while ZENITH (₦1.0bn), BUACEMENT (₦513.0m), and GUARANTY (₦341.8m) led by value.

Across sectors under our coverage, performance was mixed as 3 indicators gained, 2 lost while the AFR-ICT index closed flat. The Consumer Goods  and Oil & Gas indices declined 0.3% and 0.1% respectively on the back of sell-offs in FLOURMIL (-6.5%), DANGSUGAR (-0.6%), and OANDO (-1.6%). On the flip side, the Banking index led gainers, up 2.9% due to buying interest in ZENITH (+3.6%) and GUARANTY (+2.6%). Similarly, the Insurance and Industrial Goods indices rose 1.3% and 0.1% respectively on the back of price appreciation in LINKASSURE (+8.7%) and WAPCO (+2.2%). 

Investor sentiment as measured by market breadth (advance/decline ratio), strengthened to 1.9x from the 1.3x recorded in the previous session as 28 stocks advanced while 15 declined. REGALINS (+9.7%), ABCTRANS (+9.7%) and UBN (+9.3%) led gainers, while UNITYBNK (-8.3%), JAPAULGOLD (-6.7%) and NEIMETH (-6.0%) led decliners. We expect the positive sentiment to be sustained in the next trading session, as investors continue to take advantage of the recent price correction in the market.

Market Statistics for Monday, 10th May 2021