The All Share Index bucked bearish trend on Wednesday which has persisted for three consecutive trading sessions, rising 0.1% to close at 27,522.62 points. Accordingly, market capitalisation rose N6.4bn to settle at N9.5tn. Performance was driven by gains in WAPCO (+3.0%), UNILEVER (+2.6%) and UBA (+1.5%). Similarly, market activity improved as volume and value traded advanced by 67.3% and 90.3% to settle at 293.7m units and N3.6bn respectively.
WAPCO Drives Industrial Goods Index Higher
Performance across sectors was mixed. The Industrial Goods index appreciated the most, up 1.2% on account of gains in WAPCO (+3.0%). The Banking Index followed, closing 0.2% higher due to price appreciation in SKYEBANK (+4.6%) and DIAMOND (+4.3%). The Consumer Goods Index also rose marginally, up 0.1% as UNILEVER (+2.6%) and GUINNESS (+2.0%) advanced. On the other hand, the Oil & Gas and Insurance indices closed in the red, falling 1.0% and 0.1% respectively.
Investor Sentiment Strengthens
Investor sentiment also improved today as market breadth improved to 0.9x (from 0.4x yesterday) after 17 stocks advanced against 18 declining stocks. The best performing stocks were SKYEBANK (+4.6%), MAYBAKER (+4.6%) and DIAMOND (+4.3%) while VITAFOAM (-5.0%), 7UP (-5.0%) and NAHCO (-4.9%) were the worst performers. We are of the view that today’s bullish performance may be attributed to bargain hunting in equities following 3 consecutive days of losses. We expect performance to remain soft in the trading session ahead.