The Nigerian equities market closed positive at the end of Thursday’s trading session as the All Share Index (ASI) added 62bps to close at 37,118.63 points, buoying Year-to-date performance to 38.2%. Consequently, market capitalization improved N73.6bn to N12.8tn. GUARANTY (+2.5%), DANGSUGAR (+9.8%) and ZENITH (+1.6%) were the major drivers of today’s performance. Likewise, activity level improved as volume and value traded advanced 62.1% and 23.2% to 407.0m units and N4.7bn respectively.
Oil & Gas Sector Emerges Lone Loser
Performance across sectors was largely bullish as 4 of 5 indices trended northwards. The Banking index topped the gainers’ chart, rising 1.6% due to appreciation in GUARANTY (+2.5%) and ZENITH (+1.6%). The Consumer Goods index trailed, nudging 1.0% higher on account of gains recorded in DANGSUGAR (+9.8) and NIGERIAN BREWERIES (+0.7%). Similarly, the Industrial Goods and Insurance indices advanced 0.2% and 0.1% due to increase in WAPCO (+0.4%) and LINKASSURE (+4.4%) respectively. On the other hand, losses recorded in MOBIL (-3.6%) dragged the Oil & Gas index 0.2% lower.
Investor Sentiment Stays Positive
Investor sentiment slightly waned today as market breadth (advancers/decliners’ ratio) settled at 1.6x (against 1.7x recorded yesterday) after 25 stocks advanced against 16 declining stocks. The best performing stocks were DANGSUGAR (+9.8%), CILEASING (9.1%) and AIRSERVICE (+4.9%) while the worst performers were CUTIX (-5.0%), NPFMCRFBK (-4.8%) and MAYBAKER (-4.7%). With some H1:2017 corporate scorecards yet to be released – especially from Tier-1 banks - we expect investor sentiment to remain largely positive for the rest of the week.