Nigerian Bourse Extends Bullish Run

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.