Trading at NGX, started the week on a bearish note as the NGX-ASI lost 1bp to 109,697.83 points following price decline in TRANSCORP, MTNN, and FIDELITY. Consequently, YTD return declined to 6.58% (previously 6.59%), while market capitalisation fell 1bp to N69.0tn. Meanwhile, activity level improved as volume and value traded rose 12.6% and 32.4% to 486.1m units and N11.4bn respectively.
Across sectors under our coverage, performance was bullish as four indices gained while the other two lost. Leading the gainers, the Consumer Goods and Insurance indices rose 1.6% and 0.6% respectively, owing to buying interest in DANGSUGAR (+9.1%), NB (+3.6%), CUSTODIA (+8.4%), and MANSARD (+5.3%). Similarly, the Oil & Gas and Industrial Goods indices inched higher by 0.2% apiece, due to price appreciation in OANDO (+1.9%) and CUTIX (+5.8%). Conversely, the Banking and AFR-ICT indices fell 0.7% and 0.4% sequentially, following selloffs in FIDELITY (-3.9%), ACCESSCORP (-2.1%), and MTNN (-1.1%).
Outlook Investor sentiment, as measured by market breath, improved to 0.40x (previously: 0.18x) as 46 stocks gained, 23 lost while 58 were unchanged. We anticipate a bullish outing
NGX in a Bearish start to the Week as ASI down lbp
