The Market Continues Its Bullish Trend…NSE ASI Up 0.78%
The Nigerian bourse ends the week bullish, continuing uptrend for the fourth consecutive trading session as bargain hunting persists in NB (1.89%), FO (4.99%), DANGCEM (0.83%), JBERGER (5.23%) and 7UP (1.94%). Consequently, the NSE ASI improved by 78bps to settle at 37,425.15 and the market capitalization gained N99.92 billion to settle at N12.90 trillion. Activity level was broadly positive as Volume (84.66%) and Value traded (37.33%) increased to 515.48 million units and N6.30 billion respectively.
Banking Sector Emerges Lone Loser
Sectoral performance was mostly bullish with 4 closing positive and 1 closing negative. The Consumer Goods index (1.41%) led the gainers list due to continued bargain hunting in NB (1.89%), 7UP (1.94%) and UNILEVER (2.50%). Followed by the Industrial Goods index (1.08%) which continues to surge for the fourth consecutive session driven by gains in DANGCEM (0.83%), WAPCO (1.72%) and CCNN (10.07%). In the same vein, the Insurance index (0.76%) and the Oil & Gas index (0.48%) appreciated due to investors’ interest in NEM (4.65%), CONTINSURE (2.96%), LINKASSURE (4.17%) and FO (4.99%) respectively. On the flip side, the Banking index (-0.04%) ends the week bearish due to profit taking in ZENITHBANK (-0.79%), UBA (-0.91%) and GUARANTY (-0.02%) to close a lone loser.
Investor’s Sentiment Stays Positive
Investor’s sentiment stays positive as the market breadth (A-D Ratio) settles at 3.4x (vs. 1.7x previously), following price gains in 37 stocks against losses recorded in 11 stocks. CCNN (10.07%), LIVESTOCK (9.41%) and DANGSUGAR (6.50%) were top gainers, while BETAGLAS (-4.99%), NEIMETH (-4.76%) and MORISON (-4.24%) were top losers.