The Nigerian stock market opened the month of June in bullish territory with price uptick in MTNN (+3.2%), FIRSTHOLDCO (+2.0%), and OANDO (+2.7%) lifted the NGX-ASI up 0.2% to 112,015.95 points. Consequently, YTD return improved to 8.8% from 8.6% in the prior session, hile market capitalisation gained 0.2% to 3/0.6tn. Meanwhile activity level weakened as volume and value traded declined 72.8% and 84.3%, respectively to to units and and N10.1 billion. Performance Performance across our coverage sectors was mixed as three indices gained, while the other three lost. Leading the gainers, the AFR-ICT and Insurance indices gained 1.2% and 0.8%, respectively on the back of price uptick in MTNN (+3.2%), OMATEK (+1.3%), CORNERST (+5.2%), and LINKASSUR (+6.3%). Also, the Oil & Gas index gained 0.2% driven by price appreciation in OANDO (+2.7%). Conversely, the Banking and Consumer Goods indices fell by 0.1% apiece following selloffs on FIDELITY (-2.1%), JAIZBANK (-1.6%), HONYFLOUR (-4.8%)
and NASCON (-1.7%). Similarly, the Industrial Goods index fell 2bps, following selloff on CUTIX. Investor sentiment, as measured by market breadth, strengthened to -0.14x (previously -0. 16x) as 23 stocks advanced, 33 declined, and 71 closed flat. Tomorrow, we expect positive trading activities on the bourse as investors take position on fundamentally solid stocks
Nigerian stock market opened the month of June in bullish territory
