Stock market closes upbeat… ASI up 0.7%

Extending its gains, the NGX-ASI rose 0.7% to 47,205.03 points due to price appreciation in MTNN (+1.3%), ZENITH (+5.8%), and GTCO (+3.1%). Consequently, YTD return advanced to 10.5% (previously: 9.7%) while market capitalisation grew ₦181.7bn to ₦25.5tn. Trading activity rose as volume and value traded increased 9.3% and 19.8% respectively to 245.4m units and ₦4.6bn.

Across our coverage sectors, performance was bullish as all indices closed northward, save the Insurance index which shed 1.4% due to price decline in AIICO (-4.4%) and LINKASSURE (-7.6%). Leading the advancers, the Banking index was up 2.8% due to buying interest in ZENITH (+5.8%) and FCMB (+7.4%). Trailing, the Consumer Goods and Oil & Gas indices gained 1.9% and 1.7% respectively driven by gains in NB (+7.8%), DANGSUGAR (+7.7%), and SEPLAT (+2.6%). Also, buying interest in MTNN (+1.3%), WAPCO (+1.1%), and CAP (+10.0%) pulled the AFR-ICT and Industrial Goods indices up by 0.6% and 0.1% respectively.

Investor sentiment, as measured by market breadth, weakened to 0.21x from 0.30x in the prior session as 30 stocks advanced, 17 declined while 63 closed flat. We expect a modest decline in the NGX-ASI in the next trading session as investors take profit.

Market Cap (₦’bn)                                    25,448.71

Market Cap ($’bn)                                     61.0

NGX All-Share Index                                47,205.03                            

Daily Performance %                                 0.7%                               

WTD Performance %                                 1.2%                              

MTD Performance %                                  0.5%                        

QTD Performance %                                   0.5%

YTD Performance %                                   10.5%                                  

Daily Volume                                               245.4

Daily Value (₦’bn)                                        4.6                                     

Daily Value ($’m)                                         11.0                                    

Sectoral Indices Performance

NGX 30                                                          1.0%                    

NGX BANKING INDEX                               2.8%                            

NGX INSURANCE INDEX                            -1.4%               

NGX CONSUMER GOODS INDEX NGX OIL/GAS   1.9%

NGX LII                                                                            1.7% 

NGX INDUSTRIAL GOODS INDEX                            0.7%

NGX-AseM                                                                       0.1%