Nigerian Stock market reverses losses… ASI up 0.2% 

Today,  the domestic equities market’s performance was positive due to buying interest in DANGSUGAR (+4.2%), UBN (+3.7%), and FCMB (+8.1%) as the All-Share Index rose by 15bps to 37,640.75  points. Consequently, YTD loss improved to -6.5% while market capitalisation grew by ₦29.0bn to ₦19.6tn. Trading activity was mixed as volume traded rose by 32.1% to 216.0m units while value traded fell by 21.1% to ₦2.7bn. The most traded stocks by volume were FCMB (40.7m units), CUSTODIAN (15.8m units), and GTCO (13.4m units) while GTCO (₦401.1bn), SEPLAT (₦309.9m), and NIGERIAN BREWERIES (₦330.4m) led by value.

Across sectors under our coverage, performance was mixed as 3 indices gained, 2 indices remained unchanged while an index lost. The Insurance index led the gainers, up 2.2% following price appreciation in LINKASSURE (+10.0%), MBENEFIT (+7.5%), and AIICO (+1.0%). Similarly, the Banking and Consumer Goods indices rose by 25bps and 29bps respectively, largely attributed to buying interests in  UBN  (+3.7%), FBNH (+1.4%), CADBURY (+9.6%), and NIGERIAN BREWERIES (+0.3%). On the flip side, the Oil & Gas index shed 0.9% due to price depreciation in SEPLAT (-1.4%) and  ETERNA (-1.3%). The Industrial Goods and AFR-ICT indices were unchanged today.

Investors sentiment, as measured by market breadth (advance/decline ratio), strengthened to 2.2x from 0.7x recorded in the last trading session as 28 stocks advanced while 13 stocks declined. IKEJAHOTEL (+10.0%), LINKASSURE (+10.0%), and CADBURY (+9.6%) led gainers while JAIZBANK (-5.2%), VERITASKAP (-4.0%), and UNITY (-3.6%) led decliners. In the coming trading session, we expect bargain hunting activities to sustain the positive performance.

Market Statistics for Tuesday, 29th June 2021

Source: Afrinvest