Broad Bargain Hunting In Large Cap Counters Pulls Market Further… NSE ASI Up 0.41%

Broad Bargain Hunting In Large Cap Counters Pulls Market Further… NSE ASI Up 0.41%

The Nigerian bourse reached nine consecutive trading days of bullish momentum due to bargain hunting in NESTLE (1.77%), BETAGLASS (4.93%), OKOMUOIL (4.34%), UNILEVER (4.98%) and NB (1.10%). Consequently, the NSE ASI (41bps) settled at 33,436.61 and the market capitalization gained N46.59 billion to close at N11.52 trillion. Activity level was mixed as Volume traded (3.60%) increased to 323.54 million units and Value traded (-29.98%) decreased to N1.91 billion.

Mixed Sector Performance

Sector performance was mixed as 2 sectors closed positive out of 5. The Consumer Goods index (1.43%) appreciated further due to bargain hunting in NESTLE (1.77%), UNILEVER (4.98%) and NB (1.10%). In the same vein, the Industrial Goods index (0.39%) remained bullish on the back of gains in BETAGLAS (4.93%), DANGCEM (0.38%) and JBERGER (3.50%). On the flip side, the Insurance index lost 1.70% on account of profit taking in MANSARD (-4.93%), CONTINSURE (-4.55%) and LINKASSURE (-4.92%). While the Oil & Gas index (-0.55%) and the Banking index (-0.32%) maintained downtrend on the backdrop of sell down in FO (-4.20%), OANDO (-9.54%) and ZENITHBANK (-1.91%), ACCESS (-0.82%), GUARANTY (-0.03%) respectively.

Investor’s Sentiment Turns Positive

Investor’s sentiment turned positive as the market breadth (A-D Ratio) settled at 1.3x (vs. 0.9x previously), following price gains in 25 stocks against losses recorded in 19 stocks. HONYFLOUR (8.29%), UBN (5.00%) and JBERGER (4.99%) were top gainers, while MAYBAKER (-5.02%), MANSARD (-4.93%), and CUSTODYINS (-4.76%) were top losers.

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