The Nigerian Stock Exchange All Share Index (NSE ASI) and the market capitalization increased by 0.07%, while the Year-to-Date return stood at negative 4.81%. The All Share Index closed at 29,919.44 as against the previous close of 29,898.31. Also, market capitalization swelled up to ₦11.244 trillion against previous close of ₦11.236 trillion.

Meanwhile, volume traded increased by 85.82% from 304.863 million to 566.501 million, while the total value of stock traded increased by 176.29% from ₦2.631 billion to ₦7.269 billion in 4,103 deals.   

It was observed that the construction/real estate sector led the activity chart with 218.059 million shares which was exchanged for ₦4.318 billion. Moreso, financial services came next with 139.302 million shares traded for₦1.081 billion, Oil and Gas, Consumer Goods, Conglomerates sectors followed in that order on the activity chart.  

Analysts said that the bullish move was on the back of buying interests in SEPLAT (+4.2%), GUARANTY (+0.9%) and STANBIC (+1.7%). Over all, activity level strengthened as volume and value traded advanced 14.4% and 12.4% to 348.7 million units and N3.0 billion respectively. 

JAPAULOIL (94.4 million units), TRANSCORP (31.0 million units) and UNILEVER (30.0 million units) were the top trades by volume while UNILEVER (N929.5 million), ZENITH (N420.4 million) and GUINNESS (N294.3 million) were the top traded stocks by value.

Performance across sectors was mixed albeit more bullish as 3 of the 5 indices under our coverage trended northwards. The Oil & Gas index led advancers up 2.8% following buying interests in SEPLAT (+4.2%) and FORTE (+9.9%) while the Banking index gained 0.1% on the back of price appreciation in GUARANTY (+0.9%) and STANBIC (+1.7%).

Similarly, the Consumer Goods index marginally inched higher by 4bps due to gains in NIGERIAN BREWERIES (+1.6%) and DANGFLOUR (+9.7%). On the flip side, the Insurance index shed 0.3% on account of sell offs in AIICO (-2.7%) and WAPIC (-2.4%) while losses in DANGCEM (-0.6%) and BERGER (-5.9%) led to a 0.2% decline in the Industrial Goods index.

Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 1.1x from 1.9x recorded in the previous trading session as 19 stocks advanced against 17 decliners. The best performing stocks were CUTIX (+10.0%), FORTE (+9.9%) and DANGFLOUR (+9.7%) while JBERGER (-10.0%), GUINNESS (-10.0%) and UACN (-9.4%) led laggards. “Following today’s positive performance, we do not rule out the possibility of profit taking in tomorrow’s trading session amidst corporate earnings releases”, Afrinvest said.