Home Stock Market Stock market sustains positive momentum amid weak sentiment… ASI up 12bps

Stock market sustains positive momentum amid weak sentiment… ASI up 12bps

by Business News Report

Today, the the All-Share Index rose 12bps to 40,765.20 points due to bargain hunting in FBNH (+7.8%), NNFM (+6.5%), and UACN (+2.4%). Accordingly, YTD return strengthened to 1.2% while market capitalisation rose by ₦25.3bn to ₦21.2tn. Trading activity was mixed as volume traded declined 7.5% to 400.6m units while value traded rose 11.3% to ₦3.5bn. The most traded stocks by volume were FBNH (108.7m units), TRANSCORP (39.7m units), and ETI (32.8m units) while FBNH (₦1.1bn), GTCO (₦335.0m), and WAPCO (₦297.0m) led by value.

Performance across the sectors under our coverage was mixed as 3 indices lost, 2 gained, while the AFR-ICT index closed flat. The Insurance index led laggards, down 0.7% due to sell pressure on AIICO (-1.1%) and SOVRENIN (-4.2%). Similarly, the Consumer Goods and Oil & Gas indices declined 15bps and 4bps respectively on the back of profit-taking in DANGSUGAR (-1.1%), HONYFLOUR (-3.4%), and OANDO (-0.2%). Meanwhile, the Banking and Industrial Goods indices rose 6bps and 5bps respectively due to buying interest in FBNH (+7.8%), UBN (+2.0%), and WAPCO (+0.9%).

Investor sentiment, as measured by market breadth (advance/decline ratio), weakened to 0.9x from 1.9x as 18 stocks advanced while 20 stocks declined. FBNH (+7.8%), UPL (+7.4%), and NNFM (+6.5%) led the gainers while PHARMDEKO (-6.0%), ABCTRANS (-5.7%), and REGALINS (-4.9%) led the losers. In the next trading session, we anticipate profit-taking on the local bourse as some recently appreciated bellwether stocks approach their inflection point.

Market Statistics for Wednesday, 6th October 2021 

Market Cap (N’bn)21,242.0
Market Cap (US$’bn)51.7
NSE All-Share Index40,765.20
Daily Performance %0.1
WTD Performance %1.4
MTD Performance %1.4
QTD Performance %1.4
YTD Performance %1.2
Daily Volume (Million)400.6
Daily Value (N’bn)3.5
Daily Value (US$’m)8.5

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