Nigerian Equity Market closes on a positive note ahead of Easter… ASI up 39bps

The local bourse sustained gains today to close the week in the green following 39bps advancement of the NSE All Share Index (ASI) to settle at 30,086.91 points, ahead of the Easter holidays. DANGECM (+0.5%), ACCESS (+3.0%) and UBA (+2.3%) were the major movers of the session. Consequently, the market capitalisation increased N43.4bn to N11.3tn. However, activity level was mixed as the volume traded advanced 5.1% to 227.0m units while value traded dipped 46.1% to N1.7bn. ACCESS (58.4m units), ZENITH (27.4m units) and UBA (16.0m units) were the top traded stocks by volume while banking stocks – ZENITH (N574.6m),  ACCESS (N403.4m) and UBA (N104.7m) – led the top traded stock by value.

The sector performance was largely positive as all indices under our coverage advanced save for the Oil &Gas index which declined 0.5% due to losses recorded In OANDO (-2.0%) and MOBIL (-1.6%). On the flipside, the Insurance index led gainers up 1.6% due to price appreciation in MANSARD (+5.3%) and AIICO (+2.7). Similarly, the Banking index advanced 0.8% due to sustained buying interest in ACCESS (+3.0%) and UBA (+2.3%). In the same vein, the Consumer Goods and Industrial Goods indices gained 0.3% apiece on the back of gains in DANGSUGAR (+1.8%), UNILEVER (+1.5%) and DANGCEM (+0.5%).

Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 2.0x from 0.9x yesterday as 26 stocks gained against 13 losers. Leading the gainers chart, ROYALEX (+10.0%), LIVESTOCK (+9.1%) and FIRSTALUM (+7.9%) appreciated the most while CILEASING (-9.9%), UCAP (-9.8%) and BERGER (-9.2%) declined the most. The week’s positive close and sentiment can be attributed to the positive Q1:2019 results that have started to filter in. We opine that investors will continue to take position in attractive stocks ahead of earnings expectations.

Market Statistics Thursday, 18th April 2019

Market Cap (N’bn)                        11,300.6

Market Cap (US$’bn)                          36.9

NSE All-Share Index                      30,086.91

Daily Performance %                                0.4

1 Week Performance %                         2.5

YTD Performance %                            (4.3)

Daily Volume (Million)                        227.0

Daily Value (N’bn)                               1.7

Daily Value (US$’m)                             5.7


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