Nigerian Bourse Opens the Week Positive

The local bourse opened the week on a positive note as the benchmark index advanced 1.9% to close at 34,652.52 points on the back of gains in DANGCEM (+5.0%) and value banking stocks - ACCESS (+4.5%), UBA (+3.6%), STANBIC (+3.1%)  and ZENITH (+1.3%). Accordingly, Year-to-date return climbed to 28.9%. Investors added N217.8bn as market capitalization settled at N11.9tn. However, market activity waned as volume and value traded slid 22.3% and 22.8% to close at 293.8m units and N3.9bn respectively.   
Mixed Market Performance
Performance was mixed across the sectors as 3 of 5 indices trended upward. The Industrial Goods index topped gainer’s chart, appreciating 2.5% due to sustained buying interest in  DANGCEM (+5.0%) and JBERGER (+5.0%). The Banking index trailed, up 1.1% on account of gains in ACCESS (+4.5%) and UBA (+3.6%) while the Oil & Gas index added 0.1% bouyed by appreciation in OANDO (+1.5%). On the flip side, the Consumer Goods index fell 0.5% due to sell-offs in NESTLE (-1.7%) and PZ (-2.7%). Similarly, the Insurance index sustained its negative performance from last week, down 0.4% owing to losses in MANSARD (-1.5%) and AIICO (-5.0%).

Investor Sentiment Remains Flat
Investor sentiment stayed flat today as market breadth (advancers/decliners’ ratio) remained at 1.0x (Friday's close of 1.0x). 20 stocks advanced while 20 declined. The top gainers were TRANSCORP (+8.1%), DANGCEM (+5.0%) and JBERGER (+5.0%) while AIICO (-5.0%), VITAFOAM (-4.9%) and MORISON (-4.8%) led the decliners’ chart. We expect performance to remain upbeat in subsequent trading sessions as we continue to see more positive H1: 2017 earnings scorecards.