Nigerian stock market opened the month of June in bullish territory

The Nigerian stock market opened the month of June in bullish territory with price uptick in MTNN (+3.2%), FIRSTHOLDCO (+2.0%), and OANDO (+2.7%) lifted the NGX-ASI up 0.2% to 112,015.95 points. Consequently, YTD return improved to 8.8% from 8.6% in the prior session, hile market capitalisation gained 0.2% to 3/0.6tn. Meanwhile activity level weakened as volume and value traded declined 72.8% and 84.3%, respectively to to units and and N10.1 billion. Performance Performance across our coverage sectors was mixed as three indices gained, while the other three lost. Leading the gainers, the AFR-ICT and Insurance indices gained 1.2% and 0.8%, respectively on the back of price uptick in MTNN (+3.2%), OMATEK (+1.3%), CORNERST (+5.2%), and LINKASSUR (+6.3%). Also, the Oil & Gas index gained 0.2% driven by price appreciation in OANDO (+2.7%). Conversely, the Banking and Consumer Goods indices fell by 0.1% apiece following selloffs on FIDELITY (-2.1%), JAIZBANK (-1.6%), HONYFLOUR (-4.8%)
and NASCON (-1.7%). Similarly, the Industrial Goods index fell 2bps, following selloff on CUTIX. Investor sentiment, as measured by market breadth, strengthened to -0.14x (previously -0. 16x) as 23 stocks advanced, 33 declined, and 71 closed flat. Tomorrow, we expect positive trading activities on the bourse as investors take position on fundamentally solid stocks