Muted gains on the domestic Bourse

Today, gains in BUACEMENT (+3.0%), ARDOVA (+7.4%), and STERLNBANK (+2.0%) aided a marginal uptick in the NGX-ASI to 49,171.70 from 49,161.45 points. Nevertheless, YTD return stood at 15.1% while market capitalisation rose ₦13.7bn to ₦26.5tn. Meanwhile, activity level dampened as volume and value traded fell by 50.7% and 49.2% respectively to 101.5m units and ₦1.1bn.

Across sectors within our purview, performance was mixed albeit bearish tilt as 3 indices lost, 2 gained while the AFR-ICT index closed flat. Losses in ZENITH (-1.4%), ACCESSCORP (-2.9%), INTBREW (-1.9%), and HONYFLOUR(-1.3%) drove the Banking and Consumer Goodsindiceslower by 0.1% apiece. Similarly, the Insurance index dipped 5bps due to sell-offs in CHIPLC (-8.6%). On the other hand, price appreciation in BUACEMENT (+3.0%) and ARDOVA (+7.4%) pushed the Industrial Goods and Oil & Gas indices up 1.1% and 0.3% respectively.

Investor sentiment, as measured by market breadth, faltered to -0.16x (previously: -0.04x) as 7 stocks advanced, 20 declined while 79 closed flat. In the next trading session, we expect bearish sentiment to prevail as market remains short of sustainable positive triggers. Sterling Bank notified the investing public that its shareholders have voted unanimously in favour of the creation of a new non-operating holding company (Holdco). The new parent company (the non-operating entity) would hold shares in both the commercial banking business as well as its other newly incorporated subsidiary, the Alternative Bank Limited.

Market Cap (₦’bn)                                      26,531.01

Market Cap ($’bn)                                             60.90

NGX All-Share Index                                49,171.70

Daily Performance %                                        0.00

WTD Performance %                                       0.30

MTD Performance %                                     -1.30                                   

QTD Performance %                                     -5.10                            

YTD Performance %                                    15.10

Daily Volume                                             101.60

Daily Value (₦’bn)                                       1.20

Daily Value ($’m)                                        2.70               

Sectoral Indices Performance

NGX 30                                                       0.00                     

NGX BANKING INDEX                        -1.00

NGX INSURANCE INDEX                    0.00

NGX CONSUMER GOODS INDEX   -0.10

NGX OIL/GAS                                       0.30                          

NGX LII                                                 0.30                     

NGX INDUSTRIAL GOODS INDEX  1.10 

NGX-AseM                                            0.00           

Afrinvest