The All Share Index rose 0.4% to close at 27,599.03 points at the end of today’s trading session as the Nigerian bourse retained yesterday’s positive momentum. Market capitalization also rose N36.4bn to settle at N9.5tn. Today’s performance was largely as a result of continuous appreciation in SEPLAT (+10.3%), GUARANTY (+1.5%), 7UP (+9.4%) and DANGCEM (+0.2%). Market activity also strengthened, with volume and value traded rising 14.1% and 78.1% to close at 262.4m units and N4.9bn.
All Sector Indices Advance
Sector performance was positive today as all sector indices closed in the green. The Oil & Gas index (+2.7%) led sector gainers, driven by the significant appreciation in SEPLAT (+10.3%). The Insurance (+1.1%) and Banking (+0.4%) indices also trended northward on the back of the uptrend in MANSARD (+4.0%), CONTINSURE (+3.1%) and GUARANTY (+1.5%). Similarly, the increase in 7UP (+9.4%) and DANGCEM (+0.2%) drove the Consumer and Industrial Goods indices 0.3% and 0.1% higher respectively.
Double Digit Gains for SEPLAT
Despite a positive market and sector performance, sentiment remained soft as market breadth (advancers/decliners ratio) weakened to 0.8x (from 0.9x yesterday) resulting from 16 advancing against 20 declining stocks. SEPLAT (+10.3%), 7UP (+9.4%) and PRESCO (+9.2%) led the gainers while JBERGER (-9.7%), HONYFLOUR (-5.0%) and MAYBAKER (-4.3%) led laggards. The current positive momentum has been largely dictated by speculative activities. Hence, we advise caution as we expect to see some profit taking in subsequent trading sessions.