Due to light bargain hunting, equity investors who traded highs and lows on the floor of the Nigerian Exchange (NGX) recorded a modest daily increase in wealth of N2.3 billion. A spike in the consumer and insurance indexes was the primary factor in today’s gain.
Data from domestic stocks’ midweek trading indicated that the market finished in the green. Year-to-date returns have modestly increased while key performance indicators have improved.
The price increases in TRANSCOH (+9.0%), DANGSUGAR (+7.0%), and TRANSCORP (+7.1%) helped the Nigerian Exchange All-Share index (NGX-ASI) increase by one basis point to 65,492.92 points.
Consequently, the market year-to-date return rose to 27.79% from 27.78% recorded on Tuesday, while market capitalisation gained ₦2.3billion to ₦35.8 trillion. Meanwhile, activity level was mixed as volume traded rose 18.7% to 348.3 million units while value traded fell 1.8% to ₦4.0 billion, according to stockbrokers’ notes.
“Market metrics were mixed as volume traded appreciated by 18.69% while market turnover decreased by 1.80%. All in, 348.32 million units were exchanged in 6,237 deals worth N4.05 billion”.
Afrinvest said performance across its analyst coverage sectors was mixed, albeit positively skewed, as 3 indices gained, and 2 lost, while the Industrial Goods index closed flat. Leading the pack, the Consumer Goods and Insurance indices rose 0.4% apiece, owing to price appreciation in DANGSUGAR (+7.0%), VITAFOAM (+0.7%), CORNERST (+6.0%) and WAPIC (+3.3%). Similarly, the AFRICT index rose 1bp, on the back of buy interest in CWG (+5.1%).
Conversely, the Oil & Gas and Banking indices dipped 1.7% and 0.7% respectively, following losses in CONOIL (-10.0%), ETERNA (-8.2%), ZENITH (-1.2%) and FIDELITY (-2.1%). Other losers were NB (-2.48%)and GTCO (-1.78%)
Investor sentiment, as measured by market breadth, improved to -0.06x (previously -0.14x) as 22 stocks advanced, 26 declined, and 66 closed flat. “Tomorrow, we expect profit-taking to dominate trading on the bourse”, Afrinvest told investors in an email.