Home Stock Market Stock market remains upbeat… ASI up 0.6%

Stock market remains upbeat… ASI up 0.6%

by Business News Report

Today, the domestic market continued in the green, buoyed by buy interest in DANGCEM (+1.9%), BUAFOODS (+6.9%) and MTNN (+0.9%). Consequently, the benchmark index gained 0.6% to close at 51,377.21 points while market capitalisation grew by ₦153.9bn to ₦27.7tn. YTD return improved to 20.3% (previously: 19.6%), while volume and value traded advanced 37.3% and 16.7% respectively to 229.3m units and ₦3.2bn.

Across our coverage sectors, performance was bearish as 4 indices lost while 2 gained. The Banking and Insurance indices led the laggards, down 0.6% and 0.4% respectively on the back of selloffs in ETI ( -5.9%), FIDELITY (-1.8%), CHIPLC (-8.8%), and LINKASSURE (-3.6%). Also, price decline in BUACEMENT (-3.2%) and OANDO (-1.4%) dragged the Industrial Goods and Oil & Gas indices lower by 0.3% and 0.2% respectively. Conversely, the AFR-ICT and Consumer Goods indices advanced 0.4% and 0.1% respectively due to buy interest in MTNN (+0.9%), BUAFOODS (+6.9%), and FLOURMILL (+2.8%).

Investor sentiment, as measured by market breadth, strengthened to 0.03x from -0.12x as 18 stocks gained, 16 declined while 71 closed flat. In the penultimate trading session, we expect mild gains to persist due to improved investor sentiment.

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