Local Bourse Remains Upbeat

The market maintained previous session's uptrend as the benchmark index rose 1.0% to settle at 39,512.31 points on Wednesday following price upticks in BUACEMENT (+10.0%), INTBREW (+10.0%) and FBNH (+1.4%). Accordingly, the YTD return improved to 47.2% and market capitalisation advanced 213.4bn to settle at 20.7tn. Activity level was mixed as volume traded declined 48.4% to 372.9m units while value traded rose 162.6% to 11.5bn. The most traded stocks by volume were UBA (60.6m units), DANGCEM (33.2m units) and ZENITH (27.5m units) while DANGCEM (8.0bn), ZENITH (690.9m) and UBA (524.7m) led by value.

Mixed Sector Performance

Across the sectors under our coverage, 3 indicators gained, 2 lost while the AFR-ICT index remained flat. For the gainers, the Industrial Goods and Insurance indices led the pack, up 3.7% and 3.0% respectively due to buying interest in BUACEMENT (+10.0%), CUTIX (+4.6%), MANSARD (+5.0%) and NEM (+9.4%). Similarly, price appreciation in INTBREW (+10.0%) propped a 0.4% gain in the Consumer Goods index. Conversely, the Banking and Oil & Gas indices dipped 0.7% and 0.4% respectively, driven by sell-offs in UBN (-5.4%), ACCESS (-2.2%) and OANDO (-3.3%).

Investor Sentiment Improves

Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 1.2x from the 0.9x recorded previously as 23 stocks advanced against 19 decliners. INTBREW (+10.0%), BUACEMENT (+10.0%) and ETERNA (+10.0%) were the best performing tickers while FTNCOCOA (-9.9%), DEAPCAP (-7.4%) and HONYFLOUR (-6.8%) led the losers. We expect the positive performance to be sustained in the last trading session of the year.