The local bourse rebounded in today’s trading session, as the All Share Index (ASI) rose 0.7 per cent to 32,406.18 points due to buying interests in bellwether stocks – ZENITH (+5.6%), GUARANTY (+3.3%) and UBA (+4.6%). Consequently, market capitalisation increased N80.6 billion to N12.1 trillion while YTD gain settled at 3.1 per cent. Activity level also strengthened as volume and value traded improved 55.4 per cent and 23.7 per cent to 361.8m units and N4.2 billion respectively. TRANSCORP (120.2m units), ZENITH (37.3m units) and FBNH (31.2m units) were the top traded by volume while DANGCEM (N951.6m), ZENITH (N925.5m) and GUARANTY (N778.0m) led the top traded by value.
Performance across sectors was bullish as 4 of 5 indices under our coverage trended northwards. The Banking index led gainers, up 3.0 per cent following bargain hunting in ZENITH (+5.6%) and GUARANTY (+3.3%). The Oil & Gas and Consumer Goods indices trailed, advancing 0.7 per cent and 0.3 per cent respectively on the back of gains in OANDO (+6.3%), DANGSUGAR (+4.1%) and UNILEVER (+0.5%). The Insurance index trailed, up 0.2 per cent following investor interests in CUSTODIAN (+8.3%) and CORNERSTONE (+5.0%). On the flip side, the Industrial Goods index shed 0.2 per cent on account of sell offs in DANGCEM (-0.4%) and FIRSTALUM (-10.0%).
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 1.1x from 0.3x recorded yesterday as 16 stocks advanced against 14 decliners. JAPAULOIL (+9.5%), SOVRENINS (+9.5%) and ABCTRANS (+9.1%) were today’s best performing stocks while FIRSTALUM (-10.0%), TRANSCORP (-9.7%) and WEMA (-9.7%) declined the most. Despite today’s rebound in market performance, we advise investors to trade cautiously as we expect sell pressures to return to the market by close of the week – eve of the rescheduled presidential elections.
Market Statistics Tuesday, 19th February 2019
Market Cap (N’bn) 12,084.8
Market Cap (US$’bn) 39.5
NSE All-Share Index 32,406.18
Daily Performance % 0.7
1 Week Performance % (0.2)
YTD Performance % 3.1
Daily Volume (Million) 361.8
Daily Value (N’bn) 4.2
Daily Value (US$’m) 13.6
