The Nigerian equities market closed the week positive as the All Share Index (ASI) rose 45bps to settle at 38,522.14 points while YTD gain expanded to 43.3%. Accordingly, market capitalization grew by N61.0bn to N13.7tn. The positive close was majorly driven by price appreciations in DANGCEM (+0.8%), SEPLAT (+5.0%) and ACCESS (+3.0%). However, activity level was mixed as volume traded fell 52.4% to 204.5m units while value traded advanced 1.1% to N1.5bn.
Bullish Sector Performance
Performance across sectors was largely bullish as 4 of 5 indices closed in the green. The Oil & Gas index appreciated the most, up 2.6% due to price appreciation in SEPLAT (+5.0%). The Insurance index followed suit, adding 1.0% on the back of buy interest in NEM (+4.9%) and LINKASSURE (+4.6%). Similarly, the Industrial Goods and Banking indices rose 0.5% apiece as DANGCEM (+0.8%) and ACCESS (+3.0%) recorded gains. On the flipside, the Consumer Goods index was the lone loser, down 0.2% due to losses in UNILEVER (-7.3%) and NIGERIAN BREWERIES (-0.4%).
Market Breadth Improves
Market breadth (advancers/decliners ratio) which measures investor sentiment improved to 4.0x from 1.8x recorded yesterday as 24 stocks advanced against 6 stocks that declined. The top performing stocks were CADBURY (+10.2%), SEPLAT (+5.0%) and VITAFOAM (+5.0%) while UNILEVER (-7.3%), UPL (-5.0%) and NPFMCRFBK (-3.8%) were the worst performers. In the coming week, we anticipate a largely positive performance on the back of year-end portfolio rebalancing by fund managers.