Market rebounds on Bullish sentiment across sectors… NSE ASI up 22bps

The equities market rebounded today, closing positive as the All Share Index rose 22bps to settle at 36,688.75points, while YTD return expanded to 36.5 per cent. Accordingly, market capitalisation increased by N27.8 billion to settle at N12.8 trillion. The day’s performance can largely be credited to price appreciations in ZENITH (+1.8%), INTBREW (+4.1%), ACCESS (+2.5%) and DANGSUGAR (+2.5%). In addition, activity level improved as volume and value traded rose 55.1 per cent and 15.9 per cent to 513.8 million units and N6.4 billion respectively.

Performance across sectors was broadly bullish. First on the gainers chart was the Banking Index, up 0.8 per cent as buying interest in ZENITH (+1.8%), UBA (+1.0%) and ACCESS (+2.5%) drove the index to a positive close. The Oil & Gas trailed, rising 0.5 per cent primarily on the back of price appreciation in SEPLAT (+1.0%). Following closely, the Consumer Goods index added 0.4 per cent due to gains in INTBREW (+4.1%) and DANGSUGAR (+2.5%). Meanwhile, bargain hunting in MANSARD (+1.5%) and NEM (+0.7%) drove the Insurance index 0.2 per cent higher. On the other hand, the Industrial Goods index was the lone loser, declining 5bps as investor appetite for CCNN (-3.2%) waned.

Investor sentiment, measured by market breadth (advancers/decliners’), strengthened to 2.6x from 0.8x recorded the previous day consequent on 28 stocks advancing against 11 declining. CUSTODYINS (+5.0%), INTBREW (+4.1%) and NAHCO (+4.0%) were the day’s top gainers while PZ (-5.0%), CHAMPION (-4.7%) and WAPIC (-3.8%) were the top losers. In line with expectation, market performance was positive at the close of trade while activity level and investor sentiment improved. We expect market performance to stay positive in the near term as investors’ position ahead of anticipated year-end rally.

Market Statistics Thursday, 23rd November 2017
Market Cap (N’bn)                                                    12,773.3
Market Cap (US$’bn)                                                       41.8
NSE All-Share Index                                                 36,688.75
Daily Performance %                                                           0.2
Week Performance %                                                          0.1
YTD Performance %                                                           36.5
Daily Volume (Million)                                                        513.8
Daily Value (N’bn)                                                                   6.4
Daily Value (US$’m)                                                              21.1