Nigeria Daily Market Report | Local Bourse Reverses Loss… ASI up 0.2%

Photo Credit: NGX

Domestic Equities: Local Bourse Reverses Loss… ASI up 0.2%

Today, buying interest in UBA (+6.2%), ZENITH (+2.9%) and NB (+10.0%) buoyed a 0.2% gain in the NGX-ASI to print at 99,832.25 points. Likewise, YTD return improved to 33.5%  (previously: 33.2%), while market capitalisation grew 0.2% to ₦56.5tn. Meanwhile, activity level weakened as volume and value traded fell 40.8% and 47.7% to 502.6m units and ₦8.7bn, respectively.

Positive Sector Performance

Performance across our coverage sectors was positive, as four indices gained while the Oil & Gas and AFR-ICT indices closed flat. Leading the pack, the Insurance and Banking indices inched higher by 1.8% and 1.0%, sequentially, on the back of price appreciation in NEM (+9.8%), SUNUASSURE (+3.3%), UBA (+6.2%) and ZENITH (+2.9%). Following, gains in NB (+10.0%), WAPCO (+2.9%) and CUTIX (+8.1%) pushed the Consumer and Industrial Goods indices higher by 0.3% and 0.1%, respectively.

Outlook

Investor sentiment, as measured by market breadth, strengthened to 0.15x (from 0.13x) as 30 stocks advanced, 18 declined, while 80 closed flat. In the final trading session for the week, we anticipate the market to close southward driven by profit-taking activities.