The local bourse recorded gains for the 5th consecutive trading session as investors continued to take position in large cap stocks on the exchange. Thus, the NSE ASI closed 0.2% higher to settle at 26,166.80 points while YTD loss eased to 2.6%. Investors gained N18.0bn as market capitalization rose to N9.0tn.The positive close was majorly driven by gains in NIGERIAN BREWERIES (+3.2%), ZENITH (+1.5%) and INTBREW (+9.3%). However, activity level waned as volume and value traded dipped 3.4% and 15.3% to 255.6m units and N2.5bn respectively.
Mixed Performance across Sectors
Sector performance was mixed as 3 indices gained while 2 declined. The Consumer Goods index topped sector gainers, up 0.3% on the back of renewed interest in NIGERIAN BREWERIES (+3.2%) and INTBREW (+9.3%) while the Oil & Gas index followed suit, adding 0.3% owing to gains in OANDO (+4.4%). Likewise, the Banking index added 0.3% due to an uptick in ZENITH (+1.5%) and ETI (+1.7%). Conversely, the Industrial Goods and Insurance indices slid 1.2% and 1.0% following sell offs in WAPCO (-2.6%) and MANSARD (-7.5%) respectively.
Sentiment Weakens But Still Positive
Investor sentiment weakened but still strong as market breadth remained positive, settling at 1.7x (from 2.9x yesterday) - 26 stocks advanced while 15 declined. INTBREW (+9.3%), FIDSON (+9.1%) and NAHCO (+4.8%) topped the gainers’ list while STANBIC (-9.6%), UNITYBNK (-7.4%) and MANSARD (-4.5%) led the losers’ chart. Considering the positive momentum witnessed since the start of the week, we expect the market to close the week positive; however, we do not rule out the possibility of some “end of the week” profit-taking by investors in the trading session ahead.
NASD OTC Exchange Market Activities
In the NASD OTC exchange, total volume traded dipped 25.3% to 29,900 units while value traded declined 9.6% to N4.0m. Only WAMCO traded today.