The benchmark index appreciated 17bps to close at 24,972.82 points as investors cherry-picked bellwethers including NESTLE (+10.0%), ACCESS (+1.5%) and FLOURMILL (+4.4%). As a result, market capitalisation increased by ₦21.9bn to settle at ₦13.0tn while YTD loss eased to -7.0%. Activity level improved as volume and value traded rose 32.7% and 70.8% respectively to 266.0m units and ₦2.7bn. The most active stocks by volume were GUARANTY (43.7m units), UACN (41.2m units) and FCMB (22.5m units) while GUARANTY (₦1.0bn), UACN (₦288.7m) and NESTLE (₦236.5m) led the value chart.
Bearish Sector Performance
Performance across sectors remained unimpressive as only the Consumer Goods index (+4.2%) appreciated as a result of gains in NESTLE (+10.0%) and FLOURMILL (+4.4%). The Oil & Gas (-4.4%) and Insurance (-3.0%) indices led the laggards due to losses in SEPLAT (-9.4%), MANSARD (-9.0%), AIICO (-8.2%). The Banking index (-0.8%) also lost, following price declines in GUARANTY (-2.5%) and UBA (-0.8%). Both the AFR-ICT and the Industrial Goods indices closed flat.
Investor Sentiment Wanes
Investor sentiment as measured by market breadth (advance/decline ratio) declined to 0.4x from the 0.5x recorded in the previous session as 8 stocks advanced against 21 decliners. The best performing stocks were NESTLE (+10.0%), CADBURY (+7.4%) and FLOURMILL (+6.9%) while NEIMETH (-9.9%), NPRMCRFBK (-9.5%) and MANSARD (-9.4%) lost the most. We are not optimistic of a rebound in market activities this week as investor sentiment remains weak.