Bargain hunting at NGX stock market spurs gains, ASI up 0.8%

Nigeria Exchange stock market closed today on a positive note as price appreciation in MTNN, TRANSCORP, and FBNH pushed the NGX-ASI up by 0.8 per cent to 104,230.73 points. Consequently, YTD return improved to 1.3% (previously 0.5%), while market capitalisation advanced 0.8% to N63.6tn. Activity level varied as volume traded dipped 32.0% to 756.4m units while value traded improved 68.7% to 24.7bn.
Performance across coverage sectors was bullish, as three indices gained, two lost while the Industrial Goods index closed flat Leading the pack, the AFR-ICT and Banking indices gained 3.4% and 0.5% respectively due to price uptick in MTNN, OMATEK, FBNH, and WEMA. Similarly, the Consumer Goods index rose 10bps on the back of buy interest in HONEYFLOUR and NB. Price depreciation in SUNNUASURE, CORNERST, and OANDO weighed the Insurance and Oil & Gas indices down 0.3% and 0.1%, respectively.
Investor sentiment, as measured by market breadth, strengthened to -0.01x (from -0.56x in the prior session) as 27 stocks advanced, 28 declined, while 71 closed flat. Tomorrow, we expect the market to sustain gains due to bargain opportunities.