Bellwethers push domestic equity market to reverse losses… ASI up 77bps

The bearish performance in yesterday’s trading session was reversed today as the NSE All Share Index (ASI) advanced 77bps to settle at 29,746.24 points due to price appreciation in bellwethers – NESTLE (+3.3%), GUARANTY (+1.4%) and ZENTIH (+2.0%). Thus, investors gained N85.4bn as the market capitalisation closed at N11.2tn while YTD return moderated to -5.4%. Similarly, activity level increased as volume and value traded rose 43.4% and 158.0% to 321.4m units and N4.7bn respectively. UBN (134.1m units), GUARANTY (61.1m units) and AFRINSURE (15.0m units) were the most traded stocks by volume while GUARANTY (N2.2bn), UBN (N912.2m) and DANGCEM (N323.7m) were the top traded stocks by value.

Sector performance was largely positive as 4 out of 5 indices under our coverage closed in the green with the Oil & Gas index emerging as the lone laggard, dipping 0.1%, due to sell-offs in OANDO (-1.0%) while the Banking index led the advancers up 1.7% on the back of continued bargain hunting on GUARANTY (+1.4%) and ZENTIH (+2.0%). Following closely, the Consumer Goods index inched higher by 1.2% due to gains recorded in NESTLE (+3.3%) and DANGFLOUR (+9.8%). In the same vein the Insurance index appreciated 0.7% due to buying interest in CUSTODIAN (+2.4%) and LINKASSURE (+4.0%) while the Industrial Goods index closed flat with a bullish bias marginally gaining 1bp. 

Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 2.1x from 1.5x yesterday as 21 stocks advanced against 10 decliners. Leading the gainers’ chart were CHAMS (+10.0%), DANGFLOUR (+9.8%) and TRANSEXPRESS (+9.3%). On the flip side, JOHNHOLT (-9.6%), ROYALEX (-8.7%) and AGLEVENTIS (-7.1%) were the worst performers. Due to the positive sentiment in the equities market, we expect more sideways trading sessions and advise investors to continue guardedly hunting for bargains.

Market Statistics Tuesday, 16th April 2019

Market Cap (N’bn)                          11,172.9

Market Cap (US$’bn)                            36.5

NSE All-Share Index                        29,746.24

Daily Performance %                               0.8

1 Week Performance %                             2.0

YTD Performance %                               (5.4)

Daily Volume (Million)                          321.4

Daily Value (N’bn)                                  4.7

Daily Value (US$’m)                              15.2

Categories: Finance,Stock Market

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