Local bourse Gains

Local bourse Gains

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Price appreciation in ZENITH (+3.6%), GUARANTY (+2.6%) and WAPCO (+2.2%) buoyed market performance as the All-Share index rose 29bps to close at 39,312.74 points. Consequently, YTD loss improved to -2.4% while market capitalisation rose ₦59.4bn to ₦20.5tn. Trading activity improved as volume and value traded rose 35.7% and 11.1% to 324.2m units and ₦3.3bn respectively. The most traded stocks by volume were ETRANZACT (72.2m units), ZENITH (44.0m units) and ACCESS (23.0m units) while ZENITH (₦1.0bn), BUACEMENT (₦513.0m), and GUARANTY (₦341.8m) led by value.

Mixed Sector Performance
Across sectors under our coverage, performance was mixed as 3 indicators gained, 2 lost while the AFR-ICT index closed flat. The Consumer Goods and Oil & Gas indices declined 0.3% and 0.1% respectively on the back of sell-offs in FLOURMIL (-6.5%), DANGSUGAR (-0.6%), and OANDO (-1.6%). On the flip side, the Banking index led gainers, up 2.9% due to buying interest in ZENITH (+3.6%) and GUARANTY (+2.6%). Similarly, the Insurance and Industrial Goods indices rose 1.3% and 0.1% respectively on the back of price appreciation in LINKASSURE (+8.7%) and WAPCO (+2.2%).

Investor Sentiment Strengthens
Investor sentiment as measured by market breadth (advance/decline ratio), strengthened to 1.9x from the 1.3x recorded in the previous session as 28 stocks advanced while 15 declined. REGALINS (+9.7%), ABCTRANS (+9.7%) and UBN (+9.3%) led gainers, while UNITYBNK (-8.3%), JAPAULGOLD (-6.7%) and NEIMETH (-6.0%) led decliners. We expect the positive sentiment to be sustained in the next trading session, as investors continue to take advantage of the recent price correction in the market.

 

Afrinvest


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