Market Index rises by 1.35% as demand in heavyweight stocks continue

• For the sixth consecutive week, the Nigerian stock market continued its bullish momentum, as the NGX All Share Index (ASI) rose by 1.35% w/w to close 148,977.64 points. This propelled the year-to-date (YTD) return to 44.74% from 42.81% recorded in the previous week. The market capitalisation also appreciated by N1.26trn w/w, settling at N94.56trn.
• The bullish sentiment was spurred by broad-based demand in heavyweight names such as BUAFOODS (+3.22% w/w), DANGCEM (+4.35% w/w), MTNN (+0.72% w/w), TRANSCORP (+3.69% w/w), which offset selloffs recorded in the select banking stocks including GTCO (-1.79% w/w), ZENITHBANK (-0.44% w/w), UBA (-1.87% w/w), and ACCESSCORP (-1.35% w/w).
• Sectoral performance was largely positive, with only the Banking Index (-0.13% w/w) closing the week in the red. However, the Industrial Goods (+2.79% w/w) maintained its leading position among market gainers, followed by Insurance (+2.56% w/w), Consumer Goods (+1.93% w/w), and Oil & Gas (+0.04% w/w) indices.
• In today’s session, the market also closed higher, with the NGX ASI and market capitalisation gaining 0.42%, respectively. Although, market activity moderated, with transaction volume and value declining by 0.79% and 3.43%, respectively. UBA (+0.00%) led the volume chart with 59.18mn units traded, while DANGCEM (+0.03%) led the value chart with N2.64bn worth of trades.
• Market breadth closed positive at 1.65x, reflecting more gainers than positive. UPDC (+9.92%) led the thirty-eight (38) gainers, while LIVINGTRUST (-10.00%) topped the twenty-three (23) laggards, with other stocks closing flat.

NASD Summary

• The NASD closed the week on a strong positive note, as the NASD OTC Securities Index (NSI) and market capitalisation advanced by 4.90% w/w, to close at 3,620.59 points and N2.17trn, respectively.
• Similarly, the market closed higher in today’s session, appreciating by 1.35%. However, market activity declined sharply, with transaction volume and value down by 90.04% and 95.41%, respectively.
• SD11PLC (+9.09%) topped the market gainers, while SDFCWAMCO (1.63%) led the laggards’ log.