Bullish streak extends to 3 days, ASI up 0.3%

The bullish start to June extended to the third day as price uptick in OANDO (+10.0%). GTCO (+2.2%) and FIRSTHOLDCO (+2.7%) pushed the NGX-ASI up 0.3% to 112,781.73 points. As a result, YTD return strengthened to 9.6% (previously 9.2%), while market capitalisation gained 0.3% to N71.1tn. Activity level was mixed as volume traded fell 1.8% to 611.5m while value traded rose 3.5% to N16.7bn. performance was bullish as four indices closed northward, one lost while the AFR-ICT index closed flat.
Leading the gainers, the Banking and Oil & Gas indices rose 0.9% apiece driven by price appreciation on STERLING (+4.5%). UBA (+0.6%), and OANDO (+10.0%). Following, the Consumer Goods and Insurance indices advanced 0.5% and 0.3% respectively, owing to buying interest in INTBREW (+4.5%), PZ (+5.8%), AIICO (+3.2%) and MBENEFIT (+4.9%). Conversely, the Industrial Goods index shed 1bp on the back of selloffs on WAPCO (-0.1%) and MEYER (-9.6%). Investor sentiment, as measured by market breath, improved to 0. 15x (previously: 0.07x) as 32 stocks gained, 21 lost while 75 were unchanged. Tomorrow, we expect a mild bearish performance on the back of profit taking activities.