The Bulls resume dominance… ASI Up 18bps

The ASI gained 18bps to 26,739.44 points following buying interest in MTNN (+0.7%), UBA (+2.1%) and NIGERIAN BREWERIES (+1.0%). Consequently, YTD performance moderated to -14.9% while market capitalisation advanced N23.3bn to N12.9tn. Similarly, activity level rose as volume and value traded advanced 29.0% and 167.9% respectively to 394.3m units and N6.5bn. The most active stocks by volume were UACN (117.7m units), FBNH (47.8m units) and ACCESS (40.3m units) while MTNN (N2.2bn), UACN (N827.0m) and NIGERIAN BREWERIES (N682.7m) led by value.

Sector performance ended mixed with the Oil & Gas index (+0.5%) gaining the most, following price appreciation in CONOIL (+9.7%) and FORTE (+4.4%). The AFRI-ICT and Consumer Goods indices also inched higher by 0.4% and 0.3% respectively due to buying interest in MTNN (+0.7%), NIGERIAN BREWERIES (+1.0%) and DANGSUGAR (+1.3%). Conversely, the Industrial Goods and Insurance indices lost 0.4% apiece as sell-offs in WAPCO (-1.7%), AIICO (-5.2%) and CHIPLC (-5.1%) dragged the indices. Also, the Banking index declined 0.1% following price depreciation in ZENITH (-1.1%) and ETI (-1.4%).

Investor sentiment as measured by market breadth (advance/decline ratio) declined to 1.5x from 2.0x recorded yesterday as 20 stocks advanced relative to 13 laggards. The top performing stocks were EKOCORP (+10.0%), CONOIL (+9.7%) and LEARNAFRCA (+9.4%) while ABCTRANS (-8.9%), UCAP (-5.2%) and AIICO (-5.2%) were the top losers. We expect to see a mixed performance following improved interest in the market.

Market Statistics for Tuesday, 19th November, 2019