Local Bourse posts Bullish performance, investors gain N10.6 bn

The domestic bourse sustained yesterday’s bullish outing as buying interest in MTNN (+1.1%), INTBREW (+10.0%) and ETI (+5.5%) drove the All Share Index northwards by 8bps to 27,586.79 points. Consequently, YTD loss settled at -12.2% while market capitalisation increased by N10.6bn to N13.4tn. Activity level advanced as volume traded rose 164.0% to 294.4m units while value traded increased by 123.9% to N3.5bn respectively. The top traded stocks by volume were UAC-PROP (61.7m units), ACCESS (55.1m units) and GUARANTY (52.0m units) while GUARANTY (N1.4bn), MTNN (N487.3m), and ACCESS (N369.4m) were the top traded stocks by value. 

Across sectors, performance was mixed as 3 of 6 indices under our coverage closed in the green. The Insurance index led gainers, up 1.8% due to price appreciation in CONTINSURE (+8.7%) and MBENEFIT (+4.8%). The AFR-ICT and Industrial Goods indices followed closely, rising 0.6% and 0.1% respectively, following gains in MTNN (+1.1%), WAPCO (0.4%) and CUTIX (+3.3%). Conversely, the Consumer Goods and Banking indices declined 0.4% and 0.3% respectively due to sell-offs in NESTLE (-1.4%), FLOURMILL (-1.5%), UBN (-5.7%) and GUARANTY (-1.1%). Similarly, price depreciation in OANDO (-0.2%) dragged the Oil & Gas index down by 0.2%. 

Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.7x from the 1.3x recorded in yesterday’s trading session as 13 stocks advanced against 18 that declined. The best performers were INTBREW (+10.0%), CORNERSTONE (+8.7%) and CONTINSURE (+8.7%) while TRIPPLEG (-9.5%), STERLNBANK (-8.0%) and UAC-PROP (-6.8%) led laggards. We maintain a bearish outlook on the equities market in the next trading sessions as investor sentiment remains weak.

Market Statistics Tuesday, 3rd September 2019