Stock market starts week on positive note, ASI up 0.2%

Stock market started the week on a positive note, extending its bullish-run to 10 trading sessions on the back of buying interest in NB (+9.9%), STANBIC (+6.3%), and WAPCO (+5.3%). Consequently, the NGX- ASI rose 0.2% to close at 48,543.36 points, thus pushing YTD return to 13.6% (previously 13.4%) while market capitalisation gained ₦45.1bn to ₦26.2tn. Meanwhile, volume traded fell 4.0% to 328.4m units, and value traded rose 4.7% to ₦4.0bn.

Across our coverage sectors, performance was bullish as 4 indices gained, 1 lost, while the AFR-ICT index closed flat. The Consumer Goods and Oil & Gas indices led the gainers indices, up 2.5% and 1.4% respectively due to buying interest in NB (+9.9%), INTBREW (+6.7%), ETERNA (+9.9%), and OANDO (+9.9%). Trailing, the Insurance and Banking indices gained 0.4% and 0.3% respectively driven by price uptick in CORNERST (+8.3%), MANSARD (+2.0%), ZENITH (+1.0%), and ETI (+0.8%). Conversely, the Industrial Goods index shed 1.1% on account of selloffs in BUACEMENT (-3.9%) and CUTIX (-2.1%).

Investor sentiment, as measured by market breadth, improved to 0.54x from 0.32x recorded previously as 43 stocks gained, 16 lost while 50 were unchanged. In the next trading session, we expect the positive performance to be sustained on the back of the improved market sentiment and release of favourable Q1:2022 earnings.

 Market Cap (₦’bn)                                 26,170.22

Market Cap ($’bn)                                   62.8 

NGX All-Share Index                              48,543.36

Daily Performance %                               0.2%

WTD Performance %                               0.2%                            

MTD Performance %                               3.4%

QTD Performance %                                3.4%

YTD Performance %                                13.6%

Daily Volume                                            328.4                

Daily Value (₦’bn)                                    4.0

Daily Value ($’m)                                     9.7

Sectorial Indices Performance

NGX 30                                                     0.3%

NGX BANKING INDEX                         0.3%    

NGX INSURANCE INDEX                     0.4%   

NGX CONSUMER GOODS INDEX       2.5%

NGX OIL/GAS                                         1.4%                                  

NGX LII                                                   -0.5%

NGX INDUSTRIAL GOODS INDEX    -1.1%   

NGX-AseM                                               0.0%