Nigerian stock market rebounds on renewed interest in banking stocks

The Nigerian equities market rebounded to erase losses in the previous two trading sessions as the benchmark index rose 1.4 per cent to 33,598.20 points, thus pushing year to date, gain to 25.0 per cent. Today’s upbeat performance was buoyed by renewed interest in large-cap banking and consumer goods stocks such as GUARANTY (+5.0%), ZENITH (+5.0%), Nigerian Breweries (+1.9%) and Unilever (+10.0%) which had witnessed price depreciations in previous trading sessions due to profit-taking by investors. Consequently, investors recouped N157.8 billion as market capitalisation expanded to N11.6 trillion. Also, activity level improved as volume and value traded grew 85.0 per cent and 13.5 per cent to 759.0 million units and N6.3 billion respectively.

Bullish Performance across Sectors
Performance across sectors was broadly bullish as all indices trended northward. The Banking index gained the most, advancing 2.9 per cent on the back of gains in GUARANTY (+5.0%) and ZENITH (+5.0%) while appreciation in MANSARD (+3.3%) and CONTINSURE (+2.7%) drove the Insurance index 1.5 per cent northwards. Likewise, the Oil & Gas index appreciated 1.3 per cent due to upticks in OANDO (+8.1%) and SEPLAT (+1.2%) while the Consumer and Industrial Goods indices advanced 1.0 per cent and 0.8 per cent on account of gains in NIGERIAN BREWERIES (+1.9%) and WAPCO (+1.8%) respectively.

Investor Sentiment Strengthens
Investor sentiment as indicated by market breadth strengthened to 1.5x from 0.6x recorded previously as 34 stocks advanced while 22 declined. The best performing stocks were MAYBAKER (+10.2%), ASHAKACEM (+10.2%) and UNILEVER (+10.0%) while the worst performers were INTBREW (-4.8%), CUTIX (-4.6%) and 7UP (-4.4%).
The market witnessed a rebound in today’s session as investors continue to search for opportunities in favoured sectors.
Market Statistics Wednesday, 14th June 2017

Market Cap (N’bn)                      11,618.4
Market Cap (US$’bn)                        38.0
NSE All-Share Index                 33,598.20
Daily Performance %                         1.4
Week Performance %                        2.0
YTD Performance %                        25.0
Daily Volume (Million)                    759.0
Daily Value (N’bn)                             6.3
Daily Value (US$’m)                       20.6
ASI up                                              1.4%