NGX stock trading Bears resurface as ASI down 0.1 %

The domestic stock market closed today’s session in the negative region as price decline in SEPLAT (- 10.0%), GTCO (-0.7%), and OANDO (-2.0%) dragged the NGX-ASI lower by 0.1% to 111,818.08 points. Consequently, YTD return weakened to 8.6% from 8.7% in the prior session, while market capitalisation shed 0.1% to N70.5tn. Meanwhile, activity level improved as volume and value traded increased 8.7% and 0.3%, respectively to 556.4m units and N17.2bn. Performance Performance across our coverage sectors was mixed as two indices gained, two lost, while the Industrial Goods and AFR-ICT indices closed flat Buying interest in HONYFLOUR (+9.5%), UNILEVER (+4.4%). FIDELITY (+4.9%), and WEMABANK (+3.9%) pushed the Consumer Goods and Banking indices up by 0.9% and 0.3%, respectively. Conversely, losses in SEPLAT (-10.0%) and OANDO (-2.0%) dragged the Oil & Gas index down by 5.0%. Similarly, the Insurance index fell 0.2%, following selloffs on AlICO (-2.4%) and WAPIC (-1.0%). Investor sentiment, as measured by market breadth, improved to 0.27x (previously 0.18x) as 41 stocks advanced, 24 declined, and 62 closed flat. We expect a bullish outing tomorrow, supported by the renewed investor sentiment said Afrinvest Research.