MTNN leads rally on NGX… ASI up 1.0%

Today, the NGX All-Share Index gained 1.0% to 42,435.16 points due to buying interest in MTNN (+4.5%), UBA (+5.3%), and DANGSUGAR (+6.7%). Accordingly, YTD return improved to 5.4% while market capitalisation rose ₦217.2bn to ₦22.1tn. Trading activity strengthened as volume and value traded rose 1.6% and 8.7% respectively to 649.8m units and ₦7.2bn. FBNH (441.9m units), STERLNBANK (64.4m units), and GTCO (20.7m units) led by volume while FBNH (₦5.0bn), GTCO (₦501.4m), and SEPLAT (₦367.1m) led by value.

Across sectors, performance was bullish as all indices gained. The AFR-ICT and Banking indices led gainers, up 2.2% and 1.8% respectively following buying interest in MTNN (+4.5%), UBA (+5.3%), and ACCESS (+3.5%). Trailing, the Oil & Gas and Consumer Goods indices rose 114bps and 64bps respectively due to bargain hunting in SEPLAT (+2.5%), DANGSUGAR (+6.7%), and HONYFLOUR (+6.5%). Similarly, the Insurance and Industrial Goods indices advanced 62bps and 10bps respectively on the back of gains in MANSARD (+7.2%) and WAPCO (+2.1%). Investor sentiment, as measured by market breadth (advance/decline ratio), improved to 1.7x from 1.1x as 19 stocks advanced while 11 stocks declined. MEYER (+7.7%), MANSARD (+7.2%), and DANGSUGAR (+6.7%) led gainers while CUTIX (-9.7%), ROYALEX (-8.1%), and MBENEFIT (-7.7%) led decliners. In the next trading session, we expect the market to sustain its bullish performance on improved sentiment.

Sector change in Index                               YTD

NGX-30                       1.2%                         3.9% 

NGX-BANKING         1.8%                        -1.4% 

NGX-INSURANCE   0.6%                          -0.5% 

NGX-CONS GOODS 0.6%                          -4.9% 

NGX-OIL&GAS         1.1%                          51.3%

 NGX LII                      1.5%                          2.8%

NGX-INDUSTRIAL    0.1%                           6.6% 

NGX-ASEM               0.0%                           -8.1%