Home Finance Stock market opens the Week positive… ASI up 0.2%

Stock market opens the Week positive… ASI up 0.2%

by Business News Report

The domestic equities market opened the week on a positive note as the benchmark index rose 0.2% to 47,223.91 points, driven by buy interest in INTBREW (+6.7%), GUINNESS (+5.7%), and GTCO (+1.0%). Consequently, YTD return advanced to 10.6% (previously: 10.4%) while market capitalisation gained ₦50.3bn to ₦25.5tn. Trading activity was mixed as volume traded increased 22.7% to 421.5m units while value traded decreased 4.2% to ₦4.2bn. 

Across sectors within our purview, performance was bullish as 5 indices gained while the Oil & Gas index closed flat. The Banking and Consumer Goods indices advanced the most, up 0.7% and 0.4% respectively on price uptick in ZENITH (+0.6%), STANBIC (+1.0%), INTBREW (+6.7%), and GUINNESS (+5.7%). Likewise, the Insurance, AFR-ICT and Industrial Goods indices rose 0.2%, 0.1% and 1bp respectively following price appreciation in VERITASKAP (+4.2%), WAPIC (+4.2%), MTNN (+0.2%), and CUTIX (+4.0%). Investor sentiment, as measured by market breadth, was unchanged from prior session at 0.20x as 31 stocks advanced, 17 declined while 69 closed flat. Tomorrow, we expect the local bourse to sustain its positive performance driven by bargain hunting activities.

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