Investors remain resilient as the bull maintained a dominant position in the equities market last week. Despite a 17bps decline on Monday, equities market closed positive for the remaining 4 trading days of the week. Consequently, the All-Share Index (ASI) advanced by 159bps WoW to 31,016.17 as market capitalization gained N248.98bn to settle at N16.21tn. This pulls the year-to-date performance to a record +15.55%.
Market breadth, a measure of Investors’ sentiment declined from 11.3x to 1.67x as 40 stocks advanced while 24 stocks declined last week. LIVESTOCK (+30.86%), TRANSCORP (+19.72%) AND DANGSUGAR (+19.57%) were the top market gainers while INTBREW (-11.80%), MANSARD (-9.09%) and LINKASSURE (-8.89%) top the losers chart.
Market activity level was stable as the volume advanced while the value of transactions declined by 8.28% and 4.13% to 2.07bn units and N22.64bn respectively. Trading in the shares of ACCESS, FBNH and ZENITH (measured by volume) accounted for 686.34 million shares worth N7.60 billion in 4,557 deals, contributing 33.21% and 33.57% to the total equity turnover volume and value respectively.
We expect mixed performance during the week with 3rd quarter earnings influencing investors’ decision.
