The Benchmark index was down 0.7 per cent W-o-W to settle at 29,851.29 points following a bearish performance on 4 of the 5 trading days this week. As a result, investors lost a total of N78.1 billion as market capitalisation declined to N13.2 trillion while YTD return worsened to -5.0 per cent. However, activity level strengthened as both average volume and value traded gained 499.3 per cent and 35.9 per cent to settle at 189.9 million units and N4.2 billion respectively. The most traded stocks by volume were WEMABANK (5.1bn units), ZENITHBANK (450.6m units) and GUARANTY (74.0m units) while ZENITHBANK (+40.1%), WEMABANK (+14.14%) and GUARANTY (+10.2%) were the major gainers.
The benchmark index closed four of the five trading days of the week in the red territory.. On Monday and Tuesday, the local bourse shed 37bps and 39bps respectively following losses in DANGCEM, UBA and INTERBREW and the bearish streak continued on Wednesday and Thursday as the ASI plunged by 15bps and 1bps respectively as CILEASING, FORTE and WAPIC all suffered losses. On Friday, there was a positive performance as the market was up 29bps following gains in DANGCEM, NIGERIAN BREWERIES and WAPCO.
Sector performance was mixed as 3 of the 6 indices that we cover trended northward. The Insurance index led gainers with 8.7% per cent as investors bought into LINKASSURANCE (+37.5%), NEM INSURANCE (+33.3%) and LAW UNION (+8.7%) while Banking and Oil & Gas indices also gained 2.6 per cent and 0.7 per cent respectively on the back of gains in ACCESS (+7.8%), FORTE (+6.1%) and MOBIL (+4.0%). Conversely, the Afrinvest-ICT index led the laggards, declining by 4.1 per cent due to losses in MTN (-4.1%) and CHAMS (-13.9%). The Consumer and Industrial Goods indices also shed 1.6% per cent and 1.5 per cent respectively due to weakness in INTERBREW (-10.0%), OKOMU (-10.0%) and CAP (–11.6%).
Investors sentiment as measured by market breadth (advance/decline ratio) strengthened from 0.6x to 1.1x, signaling an improvement in market sentiment from the previous week as 34 stocks advanced against 32 that declined. The top performing stocks were LINKASSURANCE (+37.5%), NEM (+33.3%) and THOMASWY (+21.2%) while CHAMS (-13.9%), CAP (-11.6%) and OKOMU OIL (-10.0%) led the losers. In the coming week, we expect that investors will continue to take position in fundamentally sound stocks as we approach the H1:2019 earnings season