Board Bargain Hunting in Large Cap Counters Pulls Market Performance… NSE ASI Up 0.50%
The Nigerian bourse close bullish for the second consecutive day as investors resume bargain hunting in large cap counters such as NB (2.54%), GUINNESS (4.99%), WAPCO (5.00%), NESTLE (0.14%) and FLOURMILL (4.29%) and others following the two day bearish trend. Consequently, the NSE ASI (50bps) settles at 36,905.06 and the market capitalization gained N63.57 billion to close at N12.72 trillion. Activity level was broadly weak as Volume traded (-42.10%) decreased to 251.01million units and Value traded (-43.53%) decreased to N3.78 billion.
The Industrial Goods Sector Leads The Gainers
The sector indices remain broadly bullish with 3 sector indices closing positive and 2 closing negative. The Industrial Goods index (1.93%) held on to its lead from bargain hunting in WAPCO (5.00%) and CCNN (2.16%). While the Consumer Goods index (1.63%) sustains bullish trend due to price appreciation in NB (2.54%), GUINNESS (4.99%) and FLOURMILL (4.29%). Followed by the Banking index (0.49%) on the backs of gains in ZENITHBANK (1.42%), UBA (0.91%) and WEMABANK (3.70%). On the flip side, the Oil & Gas index (-2.43%) and the Insurance index (-0.49%) closed bearish from profit taking in SEPLAT (-3.67%), MOBIL (-4.88%), TOTAL (-3.15%) and CONTINSURE (-4.93%) respectively.
Investor’s Sentiment Stays Positive
Investor’s sentiment stays positive as the market breadth (A-D Ratio) settles at 1.7x (vs. 1.6x previously), following price gains in 31 stocks against losses recorded in 18 stocks. CILEASING (10.00%), WAPCO (5.00%) and GUINNESS (4.99%) were top gainers, while OKOMUOIL (-5.00%), CONTINSURE (-4.93%) and MOBIL(-4.88%) were top losers.