(Greenwich Merchant Bank): The local bourse took a positive twist after yesterday’s bearish session, as the NSE-ASI gained +0.63% on the back of price appreciations in bellwethers like DANGCEM (+3.6%), NESTLE (+1.9%) and NB (+1.0%). As a result, the YtD return was moderated to -3.3%.
Conversely, activity level narrowed sharply as the volume and value of exchanged units declined by 24.9% and 26.2% respectively. With 74.8mn units (20.3%), UBA again led the volumes’ chart, even as GUARANTY topped the market turnover with NGN1.1bn (21.7%). Also, the market breadth settled at 1.1x, as twenty-three (23) gainers narrowly outperformed twenty-two (22) losers.
- Read: NSE Completes Demutualisation, SEC and CAC give final approval
- Visit Investogist’s homepage for more articles
Sectorial performance brightened, as the Industrial Goods (+1.7%), Consumer Goods (+0.4%) and Insurance (+0.2%) sectors ramped up gains, while the Banking (-0.4%) and Oil & Gas (-0.0%) sectors closed red.
Bargain hunting activities pervaded the market as investors took positions across top counters. However, save for the uptick in the price of DANGCEM, the market would have posted a negative return of -0.05%. As such, we expect the market performance to still be mulled with more bearish traction.
