Home Finance Broad based rally buoys market performance… NSE ASI up 3.6%

Broad based rally buoys market performance… NSE ASI up 3.6%

by Business News Report


The equities market closed positive today due to a sustained rally, as the All Share Index gained 3.6% to settle at 41.816.11 points while YTD return expanded to 9.3%. Accordingly, market capitalization rose by N517.1bn to N14.8tn. Similar to prior sessions, performance was buoyed by a rally across sectors, with DANGCEM (+4.0%), GUARANTY (+5.1%) and ZENITH (+6.7%) driving the market for the third day in a row. Activity level also improved as volume and value traded rose 41.2% and 68.5% to 1.1bn units and N13.3bn respectively.

Sector Performance was positive as all indices under our coverage closed in the green. The Oil & Gas index led the gainers chart, up 5.3% following sustained buying interest in GUARANTY (+5.1%) and ZENITH (+6.7%). The Industrial Goods index trailed, closing the day 3.9% higher, largely on account of price appreciation in DANGCEM (+4.0%). In the same vein, the Consumer Goods and Insurance indices climbed 2.4%  and 2.0% respectively due to gains in NIGERIAN BREWERIES (+4.3%), INTBREW (+5.3%), CONTINSURE (+4.8%) and NEM (+4.6%) . The Oil & Gas index also closed northwards, adding 0.9% on the back of uptick in CONOIL (+10.2%).

Investor sentiment- measured by market breadth (advance/ decline ratio) surged to 20.0x from 6.7x recorded the previous session as 60 stocks advanced against 3 decliners. Today’s best performing stocks were CONOIL (+10.2%), ETERNA (+10.2%) and CHAMPION (+10.0%) while the worst performers were GUINNESS (-1.8%), UAC-PROP (-1.0%) and FIDELITY (-0.7%). Following the sustained rally in the equities market, we re-iterate our positive near-term outlook while anticipating the possibility of profit taking in subsequent sessions.

Market Statistics Wednesday, 10th January 2018
Market Cap (N’bn)                                                     14,881.0
Market Cap (US$’bn)                                                        48.6
NSE All-Share Index                                                  41,816.11
Daily Performance %                                                           3.6
Week Performance %                                                          9.5
YTD Performance %                                                            9.3
Daily Volume (Million)                                                   1,088.5
Daily Value (N’bn)                                                               13.3
Daily Value (US$’m)                                                            43.4

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