Nigerian Stock market opens week on a positive note, ASI up 0.2%

At the close of the trading session, the equities market posted a positive performance as the NSE All-Share Index rose 17bps to 39,396.57 points due to buying interest in WAPCO (+7.7%), FBNH (+2.8%) and ACCESS (+2.6%). Consequently, YTD loss improved to -2.2% and market capitalisation advanced by ₦34.0bn to ₦20.6tn. Trading activity waned as volume and value declined by 49.4% and 76.8% respectively to 297.3m units and ₦3.2bn. The most traded stocks by volume were ZENITH (66.5m units), FBNH (23.5m units) and MANSARD (21.4m units) while ZENITH (₦1.7bn), STANBIC (₦278.5m) and FBNH (₦169.5m) led by value.

Performance across sectors was mixed as 3 of the 6 indices under our coverage closed northward. The Insurance index emerged as the top gainer, up 1.3% due to buying interest in CORNERST (+9.1%), AIICO (+3.5%) and LINKASSURE (+10.0%). Similarly, the Oil & Gas and Industrial Goods indices rose 1.0% and 0.5% respectively following gains in OANDO (+9.4%), ARDOVA (+10.0%) and WAPCO (+7.7%). On the flip side, the Consumer Goods and Banking indices lost 6bps and 3bps respectively due to declines in INTBREW (-1.6%), CADBURY (-3.6%), ZENITH (-1.6%) and FIDELITY (-6.1%). Lastly, the AFR-ICT index closed flat.

Investor sentiment as measured by market breadth (advance/decline ratio) advanced to 1.7x from the 0.7x recorded previously as 24 stocks advanced against 14 decliners. LINAKSSURE (+10.0%), ARDOVA (+10.0%) and CHAMPION (+9.5%) were the top gainers while MEYER (-10.0%), LIVESTOCK (-9.9%) and SCOA (-9.8%) were the top losers. We expect the market to post a bullish performance in the next trading session as investors take position in attractive stocks.

Market Statistics for Monday, 8th March 2021