Bargain hunting drives positive performance at Stock market

Today, the local bourse closed on a positive note, aided by bargain hunting on BUACEMENT (+2.7%), ACCESSCORP (+2.4%), and FIDELITY (+4.4%). As such, the benchmark index gained 10bps to 49,889.80 points, YTD return improved to 16.8% (previously: 16.7%), while market capitalisation expanded by ₦28.7bn to ₦26.9tn. Meanwhile, activity level dampened as volume and value traded fell 37.6% and 46.0% respectively to 229.1m units and ₦1.7bn.

Across our coverage sectors, performance varied as 3 indices gained, 2 lost while the AFR-ICT index closed flat. The Industrial Goods and Oil & Gas indices appreciated 1.0% and 0.3% respectively, on the back of buying interest in BUACEMENT (+2.7%) and OANDO (+2.0%). Similarly, the Consumer Goods index appreciated 0.1% as a result of price uptick in FLOURMILL (+2.8%). On the flip side, the Insurance and Banking indices closed negative, down 0.5% and 0.4% respectively following sell-offs in MBENEFIT (- 9.4%), AIICO (-1.8%), ZENITH (-3.0%), and STERLING (-4.5%).

Investor sentiment, as measured by market breadth, weakened to 0.03x from 0.09x as 14 stocks gained, 12 lost while 74 closed flat. In the next trading session, we expect a bearish performance in the absence of positive catalyst.

Market Cap (₦’bn)                                      26,908.94

Market Cap ($’bn)                                              62.80

NGX All-Share Index                                  49,889.80

Daily Performance %                                           0.10

WTD Performance %                                           0.40

MTD Performance %                                            0.10

QTD Performance %                                           -3.70

YTD Performance %                                           16.80

Daily Volume                                                     229.10

Daily Value (₦’bn)                                                 1.70

Daily Value ($’m)                                                  4.10

Sectoral Indices Performance

NGX 30                                                                  0.00                  

NGX BANKING INDEX                                     -0.40

NGX INSURANCE INDEX                                 -0.50                     

NGX CONSUMER GOODS INDEX                     0.10

NGX OIL/GAS                                                        0.30                     

NGX LII                                                                   0.30

NGX INDUSTRIAL GOODS INDEX                    1.00

NGX-AseM                                                                  0.00       

Source: Afrinvest