Bargain hunting drives positive performance, ASI up 0.3%

The domestic market resumed trading activities on a positive note today as gains in BUACEMENT (+5.4%), UBN (+7.3%), and GTCO (+1.9%) lifted the benchmark index by 0.3% to 49,189.32 points. Likewise, market capitalisation rose ₦87.7bn to ₦26.5tn while YTD return improved to 15.2% (previously: 14.8%). Meanwhile, activity level dampened as volume and value traded fell 29.4% and 73.2% respectively to 119.2m unit and ₦854m .

Across sectors within our purview, performance was bearish as 4 indices lost, while 2 gained. The Insurance and Consumer Goods indices fell 2.6% and 0.5% respectively, due to price decline in MANSARD (-5.8%), LASACO (-2.1%), GUINNESS (-8.1%), and CHAMPION (-7.8). Similarly, the Oil & Gas and AFR-ICT indices dipped 0.3% and 2bps respectively following sell-offs in OANDO (-2.0%) and MTNN (-5bps). On the flip side, buy interest on BUACEMENT (+5.4%), UBN (+7.8%), and ZENITH (+0.2%) drove the Industrial Goodsand Banking indiceshigher by 1.8% and 0.5% respectively.

Investor sentiment, as measured by market breadth, improved to 0.06x (previously: – 0.16x) as 12 indices gained, 17 lost while 77 closed flat. In the next trading session, we expect bargain hunting activities to sustain the positive performance.

Market Cap (₦’bn)                           26,532.30 

Market Cap ($’bn)                                   60.90

NGX All-Share Index                        49,189.32

Daily Performance %                                0.30

WTD Performance %                               0.30

MTD Performance %                                 -1.30 

QTD Performance %                                  -5.10

YTD Performance %                                  15.20

Daily Volume                                              119.30      

Daily Value (₦’bn)                                         0.90

Daily Value ($’m)                                           2.00                    

Sectoral Indices Performance

NGX 30                                                             0.40             

NGX BANKING INDEX                                0.50                       

NGX INSURANCE INDEX                           -2.60                         

NGX CONSUMER GOODS INDEX             -0.60    

NGX OIL/GAS                                                 -0.30

NGX LII                                                            0.50                                   

NGX INDUSTRIAL GOODS INDEX              1.90 

NGX-AseM                                                      0.00