AirtelAF, ETI, UBA sustain stock market performance… ASI up 1.3%

Buying interest in AIRTELAF (+10.0%), ETI (+9.6%), and UBA (+1.2%) sustained performance as the NGX-ASI rose 1.3% to close at 46,529.99 points. Likewise, market capitalisation increased ₦318.2bn to ₦25.1tn while YTD return improved to 8.9%. Trading activity strengthened as volume and value traded rose 32.8% and 34.7% respectively to 329.0m units and ₦4.8bn. Performance across sectors within our coverage was bearish as 4 indices declined, while 2 indices advanced.

 The AFR-ICT and Banking indices were the gainers, up 5.3% and 1.3% respectively driven by price 11.6 appreciation in AIRTELAF (+10.0%), ETI (+9.6%), and UBA (+1.2%). On the flip side, the Industrial. Goods index declined the most (-1.9%) due to sell pressure in BUACEMENT (-4.8%).Trailing, the Insurance and Oil & Gas indices lost 0.6% apiece while the Consumer Goods index dipped 0.4% on the back of losses in PRESTIGE (-8.7%), SEPLAT (-0.6%), and DANGSUGAR (-2.8%). Investor sentiment, as measured by market breadth, closed at par with 19 gainers and losers apiece, while -0.6% 67 closed unchanged. Tomorrow, we expect the bulls to maintain grip on the market.

 Dangote Cement PLC announced the completion of the second tranche of its share buy-back programme with a total number of 126,748,153 shares repurchased at an average price of ₦276.9 per share, valued at ₦35.1bn.