This week, three out of the five trading sessions closed lower, bringing the domestic bourse to a negative territory, as the NGX-ASI shed 4bps to 100,022.03 points. On the back of this, market capitalisation declined 4bps (₦20.8bn) to ₦56.6tn, while YTD return held steady at 33.8% (previously 33.8%). Activity level declined as both average volume and value traded dipped 14.8% and 37.6%, to 451.8m units and ₦6.2bn, respectively. Furthermore, the top traded stocks by volume were FIDELITY (688.1m units), UNIVINSURE (100.2m units), and GTCO (87.1m units) while FIDELITY (₦7.2bn), GTCO (₦4.2bn), and UCAP (₦1.9bn) led in terms of value.
Across the sectors within our purview, performance was bullish as 4 indices gained, while two lost. Gains in JAIZBANK (+19.5%), UBA (+5.6%), CONOIL (+20.5%), and OANDO (+13.3%) pushed the Banking and Oil & Gas indices higher by 3.9% and 3.0% w/w, respectively. Trailing, the Insurance and Industrial Goods indices rose 2.3% and 0.2% w/w, respectively, on the back of price appreciation in WAPIC (+17.9%), AIICO (+13.4%), and WAPCO (+5.7%). On the flip side, sell offs on MTNN (-6.5%), MAYBAKER (-6.6%), and DANGSUGAR (-5.8%) dragged the AFR-ICT and Consumer Goods indices lower by 2.4% and 0.7% w/w, respectively.
Investor sentiment, as measured by market breadth, weakened to -0.1x (previously: 0.2x) as 36 stocks gained, 44 lost, and 70 closed flat. Top gainers for the week were VERITASK (+25.0%), CONOIL (+20.5%), and JAIZBANK (+19.5%), while UPDC (-17.4%), IKEJAHOT (-12.0%), and LASACO (-9.8%) led the losers. Next week, we expect the bearish performance to linger on the back of weakened investor sentiment.
Afrinvest
