Sustained positive momentum on NGX… ASI up 0.3%

Trading on Nigerian Exchange limited session on a positive note as gains in FIRSTHOLDCO, DANGSUGAR, and GTCO pushed the NGX-ASI up 0.3% to 121,653.93 points. Consequently, YTD return improved to 18.2% (previously: 17.8%) while market capitalisation advanced 0.3% to N76.8tn. Likewise, activity level improved as volume and value traded rose 22.3% and 34.9% to 1.0bn units and N19.5bn, respectively. Bullish Sector Performance Performance across our coverage sectors was positive, as four indices gained, while the other two declined.
Leading the gainers, the Insurance and Banking indices advanced 2.5% and 1.1% sequentially, due to price uptick in MANSARD (+9.9%), AlICO (+9.7%), ARSTHOLDCO (+7.0%), and GTCO (+1.7%). Similarly, buying interest in DANGSUGAR (+8.2%), CADBURY, and BERGER lifted the Consumer and Industrial Goods indices up 0.6% and 1bp, respectively. Conversely, profit-taking in MTNN (-0.7%), ETRANZACT (-9.5%), and OANDO (-2.2%) dragged the AFR-ICT and Oil & Gas indices lower by 0.4% and 0.2%, accordingly.
Investor sentiment, as measured by market breadth, strengthened to 0.75x (from 0.61x in the previous trading session) as 57 stocks advanced, 21 declined while 48 closed flat. We anticipate the bullish trend to be sustained in the next trading session as investors continue hunt for