Nigeria Daily Market Report | Equities Market Trades Flat… YTD Return Remains at 33.5%

Photo Credit: NGX

Domestic Equities: Equities Market Trades Flat… YTD Return Remains at 33.5%

Today, trading on the domestic bourse was uneventful as losses in TRANSCOH (-10.0%) and FIDELITY (-4.2%) offset gains in GTCO (+4.4%) and TRANSCORP (+6.2%). Resultantly, the NGX-ASI, market capitalisation and YTD return steadied at 99,842.82 index points, ₦56.5tn and 33.5%, respectively. Activity level was mixed as volume traded fell 6.0% to 1.3bn units while value traded rose 53.6% to ₦25.3bn.

Bullish Sector Performance

Performance across our coverage sector was bullish as five indices gained, while the Oil & Gas index closed flat. Leading the pack, price appreciation in GTCO (+4.4%), UBA (+0.7%), MANSARD (+2.9%), and VERITASK (+9.9%) pushed the Banking and Insurance indices up 0.7% and 0.3%, respectively. Trailing, the Consumer Goods index rose 0.3% following buy interest in GUINNESS (+5.7%) and UNILEVER (+7.6%). Similarly, the Industrial Goods and AFR-ICT indices gained 2bps apiece, buoyed by price uptick in JBERGER (+3.0%), WAPCO (+0.6%), CWG (+7.6%), and CHAMS (+9.8%).

Outlook

Investor sentiment, as measured by market breadth, weakened to 0.24x from 0.33x as 35 stocks advanced, 17 declined, while 75 remained flat. Tomorrow, we expect the market to close on a bearish note in the absence of any positive catalyst.