Home News Bullish performance persists at NGX, ASI up 0.5%

Bullish performance persists at NGX, ASI up 0.5%

by Business News Report

The local bourse sustained itspositive performance asthe benchmark index rose 0.5% to 51,618.73 points due to price appreciation in MTNN (+3.9%), FBNH (+9.8%), and UBN (+6.2%). Consequently, YTD return strengthened to 20.8% (previously: 20.3%), while market capitalisation grew by ₦130.2bn to ₦27.8tn. Trading activity dampened asvolume and value traded dipped 2.6% and 10.6% respectively to 223.2m units and ₦2.9bn.

Acrossour coverage sectors, performance wasbullish as4 indicesgained, 1 lost while the Industrial Goodsindex closed flat. The AFR-ICT and Insurance indices led the advancers, up 1.1% and 0.7% respectively due to bargain hunting in MTNN (+3.9%), CHIPLC (+8.0%), and WAPIC (2.5%). Similarly, price uptick in OANDO (+3.5%), ARDOVA (+1.9%), ETI (+2.1%), and UBN (+6.2%) drove the Oil & Gasand Banking indiceshigher by 0.5% and 0.2% respectively. Conversely, the Consumer Goodsindex wasthe sole loser, down 0.3% due to profit taking in NB (-1.6%) and UNILEVER (-2.0%).

Investor sentiment, as measured by market breadth, weakened to -0.06x from 0.03x as 18 stocks gained, 22 declined while 69 closed flat. In the next trading session, we expect a bearish performance on the back of weak investor sentiment.

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