The stock market opened the week on a bullish note as the NSE-ASI rose 60bps to close at 26,695 points. Market capitalization gained N76.5bn to settle at N12.9tn. We also saw a significant increase in the level of activities as volumes traded and values traded increased by 43.2% and 9.8% respectively compared to the previous trading day.
All sector indices under our watch benefited from the up trades. The banking sector (+1.6%) led the pack with UBA (+6.0%), ACCESS (+4.3%) and GUARANTY (+1.0) elevating the sector index. The industrial goods sector (+1.0%) followed suit with industry giants like DANGCEM (+1.4%) and WAPCO (+1.8%) driving gains. The consumer goods sector (+0.4%) was driven by gains in GUINNESS (+9.83%) and PZ (+9.52%). The insurance sector (+0.3%) was not left behind with gains in NEM (+2.6%) offsetting losses on other stocks. Likewise, the oil and gas sector (+0.1%) gained on the back of advances in OANDO (+0.83%).
Market sentiments seem very encouraging as market breadth closed at 2.1x; as 17 stocks
advanced against 8 decliners.
We expect the bullish outing observed to be sustained throughout the week, especially in the banking stocks and other stocks with sound fundamentals.
United Capital Plc Research