Home Stock Market Stock market rebounds buoyed by gains in Access, Intbrew, UBN

Stock market rebounds buoyed by gains in Access, Intbrew, UBN

by Business News Report

The domestic equities market halted the 3-day bearish run buoyed by bargain hunting in ACCESS, INTBREW, and UBN at the end of today’s trading. Accordingly, the NGX-ASI rose 0.2% to close at 47,157.23 points, YTD return advanced to 10.4% from 10.2%, while market capitalisation gained ₦53.9bn to ₦25.4tn. Volume traded rose 24.8% to 297.2m units while value traded fell 7.7% to ₦4.7bn.

Across our coverage sectors, performance was bullish as all indices gained save the AFR-ICT index which closed flat. The Banking index led the gainers chart, up 1.7% driven by bargain hunting in UBN (+6.8%) and ACCESS (+2.9%). Trailing, the Consumer Goods and Insurance indices rose 0.7% and 0.2% respectively on account of buying interest in INTBREW (+5.0%), FLOURMILL (+4.3%), NEM (+7.3%), and MBENEFIT (+4.0%). Similarly, the Oil & Gas and Industrial Goods indices gained 0.1% and 3bps respectively on the back of price appreciation in OANDO (+0.6%) and WAPCO (+0.4%). Investor sentiment, as measured by market breadth, strengthened to 0.2x from -0.1x recorded in the previous session as 27 stocks gained, 14 lost while 118 were unchanged. In the next trading session, we expect the improved sentiment to sustain positive performance.

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