The domestic market rebounded today by 2.0% to close at 33,114.44 points following bargain hunting in bellwethers – DANGCEM (+2.4%), NESTLE (+6.8%), GUARANTY (+5.0%), STANBIC (+4.8%) and INTBREW (+6.6%). Consequently, market capitalisation rose by N242.1bn to N12.1tn while YTD loss stood at -13.4%. However, activity level was mixed as volume traded rose 17.1% to 222.9m units while value traded declined 0.7% to N3.3bn. ZENITH (43.3m units), INTBREW (37.0m units) and UBA (35.2m units) were the top traded stocks by volume while the top traded stocks by value were INTBREW (N1.1bn), ZENITH (N923.6m) and GUARANTY (N334.9m).
Performance across sectors was largely bullish as 4 of 5 indices under our coverage closed higher. The Consumer Goods and Banking indices led gainers up 3.2% and 1.5% respectively on account of bargain hunting in NESTLE (+6.8%), INTBREW (+6.6%), GUARANTY (+5.0%) and UBA (+2.5%). Similarly, the Insurance index trailed rising 1.0% following price appreciation in WAPIC (+7.7%) and LAWUNION (+10.0%) while the Industrial Goods index climbed 0.7% as a result of buying interest in DANGCEM (+2.4%) and FIRSTALUM (+8.1%). On the flip side, the Oil & Gas index was the only decliner, shedding 0.2% on account of losses in TOTAL (-5.1%) and MOBIL (-2.1%).
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 1.3x from 0.6x recorded in the last session as 25 stocks appreciated against 20 decliners. LAWUNION (+10.0%), NEIMETH (+9.7%) and FIRSTALUM (+8.1%) led the best performers while LIVESTOCK (-8.8%), JAPAULOIL (-8.3%) and UNIONDAC (-7.9 %) were the worst performing stocks. Tomorrow, we expect investors to take profits on some of the stocks that advanced today as we maintain our bearish outlook on the market over the near term.
Market Statistics Tuesday, 25th September 2018
Market Cap (N’bn) 12,089.3
Market Cap (US$’bn) 39.5
NSE All-Share Index 33,114.44
Daily Performance % 2.0
Week Performance % 2.3
YTD Performance % (13.4)
Daily Volume (Million) 223.0
Daily Value (N’bn) 3.3
Daily Value (US$’m) 10.7
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