Investors in Stocks gain N150.8bn, ASI up 0.7%

The Nigerian Stock market extended the previous day’s gains, driven by buying interests in DANGCEM (+2.2%), OKOMUOIL (+9.8%), and GUARANTY (+1.8%) as the All-Share index increased by 0.7% to 39,170.95 points. Consequently, YTD loss improved to -2.7% while market capitalisation rose by ₦150.8bn to ₦20.4tn. Trading activity was mixed as volume traded declined 16.9% to 181.5m units while value traded rose by 149.0% to ₦4.0bn. The most traded stocks by volume were ZENITH (20.8m units), STERLING (19.4m units), and GUARANTY (15.1m units) while NESTLE (₦1.4bn), DANGCEM (₦518.0m), and ZENITH (₦476.1m) led by value.

Across sectors under our coverage, performance was bullish as 5 indices gained while the AFR-ICT index closed flat. Leading the gainers was the Industrial Goods index, up 1.3% due to buying interest in DANGCEM (+2.2%) and WAPCO (+4.2%). In the same vein, the Banking and Insurance indices gained 1.3% and 0.4% respectively on the back of price appreciation in GUARANTY (+1.8%), STANBIC (+1.1%), MBENEFIT (+4.6%), and NEM (+0.5%). Similarly, the Consumer Goods and Oil & Gas indices rose by 0.3% and 3bps respectively due to price uptick in FLOURMILL (+2.7%), NASCON (+7.4%), CONOIL (+10.0%), and OANDO (+0.3%)  

Investor sentiment as measured by market breadth (advance/decline ratio), strengthened to 4.2x  from 0.9x in the last trading session as 25 stocks advanced while 6 stocks declined. CUTIX (+10.0%), OKOMUOIL (+9.8%), and UBN (+9.4%) led gainers while SOVERENINS (-3.6%), JAIZBANK (-3.4%), and FCMB (-1.6%) led decliners. In the coming trading session, we expect the positive performance to be extended on the back of bargain hunting activities in the market.

Market Statistics for Wednesday, 9th June 2021