The local bourse ended the year in the green territory Thursday as the All-Share index rose 3.8% w/w to 40,270.72 points on the back of gains in BUACEMENT (+28.9%), MTNN (+6.2%) and ZENITH (+1.2%). Consequently, investors gained ₦777.6bn as market capitalisation advanced to ₦21.1tn while YTD return rose to 50.0%. Activity level declined as average volume and value traded fell 12.6% and 14.1% to 602.1m units and ₦8.7bn respectively. The most traded stocks by volume were AIICO (689.2m units), ACCESS (263.9m units) and UBA (153.1m units) while DANGCEM (₦13.2bn), MTNN (₦8.3bn) and ZENITH (₦3.6bn) led the value chart.
Performance remained bullish across sectors as 4 of 6 indicators that we track closed in the green, save the Banking and Consumer Goods indices which lost 0.6% and 0.5% w/w respectively due to losses in ETI (-8.4%) and FLOURMILL (-7.0%). Meanwhile, the Industrial Goods and AFR-ICT indices recorded the most gains, up 10.4% and 2.4% w/w respectively, supported by buying interest in BUACEMENT (+28.9%) and MTNN (+6.2%). Similarly, the Insurance and Oil & Gas indices closed 1.7% and 0.2% higher w/w respectively, underpinned by gains in NEM (+31.6%), LINKASSURE (+6.1%) and OANDO (+1.6%).
Investor sentiment as measured by market breadth (advance/decline ratio) waned to 0.9x from 3.8x last week as 29 tickers gained against 33 losers. NEM (+31.6%), BUACEMENT (+28.9%) and CILEASING (+20.6%) led the top gainers while MANSARD (-75.0%), FTNCOCOA (-25.8%) and AIICO (-10.3%) led the decliners. We are optimistic about a sustained bullish run in the upcoming year although, we expect investors to take profit.