Home News Hunt for bargains in MTNN, WAPCO spurs gains at Stock market

Hunt for bargains in MTNN, WAPCO spurs gains at Stock market

by Business News Report

Today, bargain-hunting activities MTNN (+2.6%), WAPCO (+3.8%), and ACCESS (+1.1%) drove gains on the local bourse, as the All-Share index (ASI) advanced by 32bps to 39,670.29 points. Consequently, YTD loss improved to -1.5% while market capitalisation rose by ₦64.9bn to ₦20.7tn. Trading activity was mixed as volume traded increased by 52.8% to 201.8m units while value traded declined by 37.2% to ₦1.7bn. The most traded stocks by volume were COURTVILLE (34.8m units), ETI (18.7m units), and TRANSCORP (12.8m units) while MTNN (₦543.8m), ZENITH (₦140.8m), and GTCO (₦119.0m) led by value.

Across sectors under our coverage, performance was mixed as 3 indices gained while 3 indices lost. The AFR-ICT index led the gainers chart with a 1.4% gain, driven by buying interest in COURTVILLE (+7.4%) and MTNN (+2.6%). Similarly, the Insurance and Industrial Goods indices advanced by 0.8% and 22bps respectively on the back of price uptick in AIICO (+3.2%), WAPIC (+2.1%), and WAPCO (+3.8%). Conversely, the Consumer Goods index lost the most, down 1.7% due to sell pressure on NIGERIAN BREWERIES (-8.8%) and DANGSUGAR (-0.6%). Also, the Oil & Gas and Banking indices fell by 7bps and 6bps respectively as a result of price depreciation in ETERNA (-2.7%), ETI (-3.6%), and FCMB (-3.5%).

Investors sentiment, as measured by market breadth (advance/decline ratio), strengthened, settling at 1.5x from 1.1x recorded in the previous trading session as 23 stocks advanced while 15 stocks declined. NEIMETH (+10.0%), NAHCO (+10.0%), and HONYFLOUR (+10.0%) led the gainers while NIGERIAN BREWERIES (-8.8%), CHIPLC (-6.7%), and SOVRENINS (-3.7%) led the losers. We expect the positive sentiment to dominate tomorrow’s trading session amidst bargain-hunting opportunities in some large-cap stocks.

Market Statistics for Thursday, 19th August 2021 

Market Cap (N’bn)20,668.8
Market Cap (US$’bn)50.3
NSE All-Share Index39,670.29
Daily Performance %0.3
WTD Performance %0.4
MTD Performance %2.9
QTD Performance %4.7
YTD Performance %(1.5)
Daily Volume (Million)201.8
Daily Value (N’bn)2.7
Daily Value (US$’m)4.1

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