Local Bourse gains as Bulls take charge… ASI Up 13bps

The Benchmark index ended on the green note as the ASI inched higher by 13bps to 26,824.50 points, leading to a slight improvement in YTD loss at -14.7%. Furthermore, market capitalisation improved by ₦43.6bn to settled at ₦12.9tn. The market performance today was driven by gains in FBNH (+4.6%), ACCESS (+2.2%) and GUARANTY (+0.5%). Activity level strengthened as both volume and value traded increased by 60.0% and 15.9% to settle at 303.8m units and ₦1.7bn respectively. The most traded stocks by volume were LAWUNION (151.7m units), UBA (20.4m units) and ACCESS (12.4m units) while the most traded stocks by value were NESTLE (₦326.3m), DANGCEM (₦292.7m) and ZENITHBANK (₦193.1m).

Despite an uptick in the market, sector performance was bearish as only 2 of 6 sectors under our coverage gained. The Consumer Goods index declined the most, down 30bps on the back of sell-offs in DANGSUGAR (-4.8%). Similarly, the Industrial Goods and Insurance indices trailed, losing 14bps and 1bp respectively, following sell-pressures in DANGCEM (-0.4%), LASACO (-3.7%) and REGALINS (-4.8%). Conversely, the Oil & Gas and Banking indices gained, up 0.7% apiece as investors took position in OANDO (+6.3%), UBA (+0.5%) and ACCESS (+2.2%). Finally, the AFR-ICT closed the trading session flat.

Investor sentiment as measured by market breadth (advance/decline ratio) rose to 1.5x from 0.7x observed in the previous trading session as 19 stocks gained against 13 losers. The top gainers were led by CADBURY (+10.0%), CUTIX (+9.7%) and GLAXOSMITH (+9.6%) while the top losers were CILEASING (-9.8%), JAIZBANK (-8.7%) and LIVESTOCK (-7.3%). We expect the underlying bearish sentiment to dominate market performance this week, although we see opportunities for bargain hunting.

Market Statistics Thursday, 28th November 2019 

Market Cap (N’bn) 12,946.9
Market Cap (US$’bn) 36.0
NSE All-Share Index 26,824.50
Daily Performance % 0.1
WTD Performance % (0.2)
YTD Performance % (14.7)
Daily Volume (Million) 303.8
Daily Value (N’bn) 1.7
Daily Value (US$’m) 4.8

Source: Afrinvest

Categories: Finance,News,Stock Market

Comments are closed