Market Bellwethers drive bullish performance… NSE ASI up 0.8%

The positive performance of the domestic bourse was sustained today as the NSE All Share Index (ASI) rose 0.8% to settle at 39,167.39 points while YTD return strengthened to 2.4%. Today’s bullish performance was as a result of buying interest in large cap stocks – DANGCEM (+1.4%), NESTLE (+3.1%) and SEPLAT (+8.1%). Accordingly, investors gained N116.6bn as market capitalisation increased to N14.2tn. Although volume traded declined by 43.4% to 341.5m units, value traded rose 33.6% to N5.2bn. The top traded stocks by volume were UCAP (82.7m), DANGSUGAR (56.9m) and AFRIPRUD (49.6m) while GUARANTY (N1.9bn), DANGSUGAR (N1.2bn) and DANGCEM (N522.7m) were the most traded stocks by value.

Sector performance was largely bullish as all indices save the Banking index which lost 4bps due to profit taking in ACCESS (-1.8%), ZENITH (-0.4%) and GUARANTY (-0.2%), closed in the green. The Oil & Gas index outperformed other indices (reversing the negative performance from the last session), up 4.9%, on the back of price appreciation in SEPLAT (+8.1%) and MOBIL (+5.0%). The Insurance index followed suit as gains in NEM (+4.8%), EQUITYASSUR (+4.8%) and WAPIC (+4.2%) pushed the index 0.9% higher. Similarly, the Industrial and Consumer Goods indices rose 0.5% and 0.4% as a result of buying interest in DANGCEM (+1.4%) and NESTLE (+3.1%) respectively.

Investor sentiment as measured by market breadth (advance/decline ratio) softened to 1.3x from 1.5x in the preceding session as 37 stocks advanced compared to 21 stocks that declined. The top performing stocks were SEPLAT (+8.1%), MOBIL (+5.0%) and NEM (+4.8%) while PRESTIGE (-4.7%), ETERNA (-4.5%) and FCMB (-4.2%) were the worst performing stocks. In the near term, we expect market performance to remain upbeat as investors continue to take position in market bellwethers currently trading at attractive entry prices.

Market Statistics Tuesday, 12th June 2018

Market Cap (N’bn)                                14,188.3

Market Cap (US$’bn)                                  46.3

NSE All-Share Index                            39,167.39

Daily Performance %                                    0.8

Week Performance %                                    3.5

YTD Performance %                                      2.4

Daily Volume (Million)                                 341.5

Daily Value (N’bn)                                           5.2

Daily Value (US$’m)                                      17.0