Nigerian Stock market sustains Positive momentum… ASI up 0.4%

The domestic equities posted gains today as the All-Share index advanced 36bps to 40,295.95 points. The positive performance was driven by buying interest in DANGCEM (+2.2%), MANSARD (+9.6%) and NASCON (+10.0%). Consequently, the YTD return improved to 0.1% while market capitalisation advanced by ₦75.9bn to settle at ₦21.1tn. Activity level strengthened as volume and value traded surged 247.5% and 220.1% respectively to 1.2bn units and ₦8.0bn. The most traded stocks by volume were UPDCREIT (755.0m units), MANSARD (49.5m units) and TRANSCORP (44.3m units) while UPDCREIT (₦4.2bn), MTNN (₦679.1m) and ZENITH (₦425.8m) topped by value.

Performance across sectors was mixed as 3 of 6 indices under our coverage gained. The Insurance index led the gainers, advancing 3.6% due to price uptick in MANSARD (+9.6%), AIICO (+2.7%) and MBENEFIT (+10.0%). Similarly, the Industrial and Consumer Goods indices appreciated 1.0% and 0.4% respectively due to buying interest in DANGCEM (+2.2%), NASCON (+10.0%) and DANGSUGAR (+1.6%). On the flip side, the  Banking index lost the most, down 0.6% due to price weakness in GUARANTY (-1.1%) and UBA (-1.1%). Lastly, the AFR-ICT and Oil & Gas indices closed lower by 5bps apiece as a result of price declines in MTNN (-0.1%) and OANDO (-5.4%).

Investor sentiment as measured by market breadth (advance/decline ratio) increased to 1.3x from the 1.1x recorded previously as 26 stocks advanced against 20 decliners. NASCON (+10.0%), OMATEK (+10.0%) and NIGERINS (+10.0%) were the best-performing tickers while OANDO (-5.4%), UAC-PROP (-4.8%) and DEAPCAP (-4.8%) were the losers. We believe the positive sentiment would be sustained till the close of the week.

Market Statistics for Tuesday, 12th January 2021 

Market Cap (N’bn) 21,070.0
Market Cap (US$’bn) 54.6
NSE All-Share Index 40,295.95
Daily Performance % 0.4
WTD Performance % 0.4
MTD Performance % 0.1
QTD Performance % 0.1
YTD Performance % 0.1
Daily Volume (Million) 1,166.4
Daily Value (N’bn) 8.0
Daily Value (US$’m) 20.6

Source: Afrinvest

Categories: Finance,News,Stock Market

Comments are closed