Transactions on the floor of the Nigerian Stock Exchange (NSE) at the start of the week rose by 0.8 percent to settle at 36,946.18 points while year to date loss moderated to 3.4 percent as positive sentiment from the prior week filtered into today’s session.
As a result, investors gained N111.9 billion as market capitalization grew to N13.4 trillion. Today’s positive performance was traceable to gains in Seplat Petroleum Development Company (+10.0 percent), Guaranty Trust Bank (+2.3 percent) and Stanbic IBTC (+2.6 percent).
However, activity level was mixed as volume traded rose 2.6 percent to 319.4 million units while value traded declined 12.6 percent to N3.0 billion. The top traded stocks by volume were Medview Airline (100.0 million), Sterling Bank (34.0 million) and UBA (32.5 million) while Nestle Nigeria (N1.2 billion), Guaranty Trust Bank (N411.5 million) and UBA (N316.1 million) were the top traded stocks by value.
Across sectors, performance was mixed as 3 of 5 indices under our coverage trended northwards. The Oil & Gas index emerged top performer, up 5.0 percent on the back of buy interest in Seplat Petroleum Development Company (+10.0 percent), Forte Oil (+4.4 percent) and Eterna Oil (+3.4 percent).
Similarly, the Banking and Consumer Goods indices rose 1.5 percent and 0.6 percent respectively as a result of gains in Guaranty Trust Bank (+2.3 percent), Union Bank of Nigeria (+5.4 percent), UBA (+1.0 percent), Dangote Sugar (+3.0 percent), Flour Mill of Nigeria (+8.1 percent) and Nigerian Breweries (+0.5 percent).
On the flip side, the Insurance and Industrial Goods indices fell 0.6 percent and 0.2 percent respectively following profit taking in Custodian and Allied Insurance (-2.0 percent), AXAMansard Insurance (-3.0 percent), Wapic Insurance (-9.1 percent) and Cement Company of Northern Nigeria (-4.3 percent).
Investor sentiment as measured by market breadth (advance/decline ratio) softened, albeit still strong, to 1.4x from 3.3x recorded in the preceding session as 31 stocks advanced compared to 22 decliners.
The top performing stocks were Seplat Petroleum a Development Company (+10.0 percent), Mutual Benefit (+10.0 percent) and Northern Nigeria Flour Mill (+9.9 percent) while Pharmadeko (-10.0 percent), Conoil (-10.0 percent) and Medview Airline (-9.8 percent) were the worst performing stocks.