The Nigerian Equities market continued its positive performance today as the All Share Index gained 34bps to close at 37,138.97 points while YTD return expanded to 38.2%. In turn, investors gained N43.4bn as market capitalization settled at N12.9tn. Today’s performance was buoyed by gains in DANGCEM (+0.9%), INTBREW (+10.2%) and FBNH (+1.7%). However, activity level softened as volume and value traded fell 36.6% and 37.8% to close at 193.5m units and N1.8bn respectively.
Mixed Sector Performance
Performance across sectors was mixed as 2 indices trended northwards, 2 closed in the red and the other flat. The Industrial Goods index emerged the top gainer, up 0.5% due to sustained buying interest in DANGCEM (+0.9%). Likewise, the Consumer Goods index added 0.4% on account of gains in INTBREW (+10.2%) and NASCON (+3.0%). On the flip side, the Banking index lost 0.2% following profit taking in ZENITH (-0.9%) and ACCESS (-0.9%), while losses in LINKASSURE (-3.9%) dragged the Insurance index 0.1% lower. The Oil & Gas index closed flat.
Investor Sentiment Weakens
Investor sentiment weakened today as market breadth (advancers/decliners ratio) declined to 0.9x from 1.3x recorded in the previous session. Today’s best performing stocks were INTBREW (+10.2%), LEARNAFRICA (+5.0%) and CAVERTON (+5.0%) while the worst performers were UAC-PROP ( -4.7%), LAWUNION (-4.4%) and LINKASSURE (-3.9%). Despite the weaker investor sentiment recorded today, market performance stayed positive in line with our expectations. We expect a rebound in sentiment in consequent trading sessions as investors continue to seek bargain opportunities in the market.