The equities market rebounded at the end of Wednesday’s trade as the All Share Index (ASI) expanded 15bps to close at 35,358.6 points while YTD return increased to 31.6%. ZENITH (+1.6%), UBA (+2.4%) and STANBIC (+1.2%) were the major drivers of today’s performance. However, activity level softened as volume and value traded fell 72.6% and 53.0% to 174.1m units and N2.7bn respectively.
Mixed Performance across Sectors
Sector performance was largely mixed as 3 of 5 indices closed in the green. The Banking index led gainers, up 0.6% on the back of price appreciation in ZENITH (+1.6%) and UBA (+2.4%). In the same way, upticks in TOTAL (+1.9%) nudged the Oil & Gas index to close 0.2% higher while the Consumer Goods index closed 3bps higher. On the contrary, the Insurance index was dragged 0.6% southwards following losses in CONTINSURE (-4.7%). The Industrial Goods index closed the day flat.
Investor Sentiment Strengthens
Investor sentiment strengthened as market breadth (advancers/decliners’ ratio) improved to 1.2x from 0.9x recorded yesterday after 19 stocks advanced against 16 decliners. The best performing stocks were CILEASING (+9.5%), NASCON (+5.0%) and VITAFOAM (+4.8%) while the worst performers were MRS (-5.0%), CONTINSURE (-4.7%) and LEARNAFRICA (-3.8%). In subsequent session, we anticipate similar market performance as investors await Q3:2017 earnings scorecards.