The All Share Index (ASI) opened the week on a positive note, gaining 0.2% to close at 27,316.5 points, thus trimming YTD loss to 4.6%. Consequently, investors gained N23.9bn as market capitalization improved to N9.3tn. Gains in UNILEVER (+5.0%), SKYE BANK (+4.7%) and NIGERIAN BREWERIES (+1.9%), ensured the market closed positive. Market activity improved as volume and value traded were up 12.0% and 54.3% to settle at 213.6m units and N2.0bn respectively.
Industrial and Consumer Goods Indices Lead Sector Performances
Driven by gains in WAPCO (+3.2%) and DANGCEM (+1.7%), the Industrial Goods index led sector gainers, advancing 1.9% at the close of business. This was followed by the Consumer Goods index which rose 0.8% on account of gains in UNILEVER (+5.0%) and NIGERIAN BREWERIES (+1.9%). On the flipside, the Oil & Gas index closed negative, down 2.2% on the back off sell-offs in CONOIL (-5.0%) and FORTE OIL (-4.87%). The Banking index also slipped 1.6% on the back of sell-offs in UBA (-5.0%) and ETI (-4.9%).
Market Breadth Weakens
Investor sentiment however stayed soft as market breadth (advancers/decliners ratio) eased to 0.3x (from 0.6x on Friday) owing to 11 advancers against 37 decliners. The gainers’ chart was topped by UNILEVER (+5.0%), SKYE BANK (+4.7%), WAPIC (+4.0%) and UNION BANK (+3.0%) while CHAMPION (-9.6%), NAHCO (-9.5%) and UNITYBNK (-8.1%) led the losers. Despite the positive close, we expect activities to remain soft as reflected in a weaker market breadth amid poor investor confidence.