Bulls maintain grip on NGX ASI up 0.3%

Nigerian Exchange Limited stock trading sustained its three-day positive streak as gains in MTNN, DANGSUGAR, and NB pushed the NGX-ASI up 0.3 per cent to close at 111,902.61 points. As a result, YTD return climbed to 8.7 per cent, previously 8.4 per cent, while market capitalisation advanced 0.3% to N70.6tn. Likewise, activity level improved as volume and value traded rose 25.1% and 73.4% to 512.2m units and N17.1bn respectively.
Performance across our coverage sectors was broadly positive as five indices gained, while the index lost 0.1% following selloffs on FIRSTHOLDCO (-1.0%) and GTCO (-0.4%). The Consumer Goods and AFR-ICT indices led the gainers, up 1.0% and 0.7% respectively, following buying interest in DANGSUGAR (+4.7%), NB (+3.6%), MTNN (+1.9 %), and CWG (3.3%). Following, price appreciation in SUNUASSURE (+7.1%), AlICO (+2.5%), OANDO (+2.7%), and JAPAULGOLD (+0.5%) pushed the Insurance and Oil & Gas indices up 0.5% and 0.2%, respectively. Similarly, the
Industrial Goods index ticked higher by 0.1% owing to gains in WAPCO (+0.4%) and CUTI. Investor sentiment, as measured by market breadth, weakened to 0.18x from 0.22x in the previous session as 39 stocks advanced, 28 declined, while 61 closed flat. We expect the positive
performance to be extended tomorrow as investors continue the hunt for bargains.