Home Finance Stock market reopens on Bullish note… ASI up 1.0%

Stock market reopens on Bullish note… ASI up 1.0%

by Business News Report

Following the 2-day public holiday, the domestic bourse reopened on a bullish note as the NGX-ASI advanced 1.0% to close at 50,126.41 points, driven by gains in BUACEMENT (+8.2%), NB (+10.0%), and GUINNESS (+7.5%). Consequently, market capitalisation increased ₦262.8bn to ₦27.0tn while YTD return rose to 17.3% (previously 16.2%). Trading activity improved as volume and value traded advanced 109.6% and 28.1% respectively to 669.3m units and ₦6.0bn.

Across sectors within our purview, performance was mixed as 3 indices gained while 3 lost. The Consumer and Industrial Goods indices led the gainers, up 330bps and 297bps respectively, on account of price appreciation in NB (+10.0%), GUINNESS (+7.5%), and BUACEMENT (+8.2%). Likewise, price uptick in CWG (+9.1%) and CHAMS (+9.5%) drove the AFR-ICT index up 0.2bp. Conversely, the Insurance index led the laggards, down 377bps, due to sell pressure on NEM (-8.4%) and MANSARD (-7.8%). Similarly, the Oil & Gas and Banking indices declined 137bps and 98bps respectively, driven by profit-taking in OANDO (-10.0%), ZENITH (-1.4%), and UBA (-2.4%).

Investor sentiment, as measured by market breadth, weakened to 0.07x from 0.38x in the prior session as 31 stocks advanced, 27 declined while 56 closed flat. Tomorrow, it is anticipated that the market would extend its 9-day bullish run on the back of investors’ positive reaction to earnings results.

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