Investors maintain the positive momentum… ASI up 1.7%

The positive run persisted today as the stock market advanced 174bps to settle at 37,443.40 points following buying interest in DANGCEM (+10.0%), WAPCO (+2.3%) and OANDO (+9.9%). Consequently, the YTD return rose to 39.5% while investors gained ₦333.8bn as market capitalisation settled at ₦19.6tn. Activity level was mixed as volume traded increased 0.2% to 427.1m units while value traded decreased by 24.1% to ₦3.3bn. The most liquid stocks by volume were MANSARD (90.2m units), TRANSCORP (36.6m units) and AIICO (22.9m units) while DANGCEM (₦1.3bn), GUARANTY (₦372.3m) and ZENITH (₦298.1m) led the value chart.

Performance was mixed across sectors as 3 indicators closed in the green, 2 lost while the AFR-ICT index was flat. The Banking index was the worst performer as it shed 1.1% due to profit-taking in ZENITH (-2.0%), GUARANTY (-0.7%) and ACCESS (-1.2%). Likewise, the Consumer Goods index dipped 14bps, mirroring sell-offs in INTBREW (-2.7%) and UNILEVER (-2.8%). Conversely, the Industrial Goods and Insurance indices were up 5.5% and 5.1% respectively on the back of price appreciation in DANGCEM (+9.1%), WAPCO (+2.3%) and MANSARD (+9.8%). Lastly, the Oil & Gas indicator climbed 0.7% higher on the back of buying interest in OANDO (+9.9%).

Investor sentiment as measured by market breadth (advance/decline ratio) decreased to 1.0x from the 4.4x recorded in the previous session as 22 stocks gained against the 23 that declined. BOCGAS (+10.0%), DANGCEM (+10.0%) and OANDO (+9.9%) were the best performing stocks while ETERNA (-9.9%), TRANSEXPR (-9.2%) and CHAMS (-8.7%) led  the losers. We anticipate sustained bullish performance in the equities market in subsequent trading days.

Market Statistics for Monday, 21st December 2020