The Nigerian equity market recovered from four days downtrend, appreciating 0.40 per cent on Thursday, driven by gains recorded by gains recorded by bellwether stocks.
Appreciation by Dangote Cement, FBNH, MTN, and Access Bank lifted the All-Share Index (ASI) by 338.74 absolute points, representing a growth of 1.40 per cent to close at 24,512.27 points. while the overall Market Capitalization size increased by N176.71 billion, representing an increase of 1.40 per cent to close at N12.79 trillion, moderating the YTD loss to -8.68 per cent.
Activity level waned as volume and value traded increased by 9 0.1 per cent and 4 2.6 per cent to 305.1m units and ₦2.1bn respectively. The most active stocks by volume were FBNH (4 2.6 7m units), CUSTODIAN (2 0.0 3m units) and ZENITHBANK (1 7.9 3m units) while DANGCEM (₦430.5 1m), MTNN (₦374.9 2m) and ZENITHBANK (₦278.9 6m) led by value.
Looking at performance across sectors, the Industrial Goods and ICT indices were the top gainers, up by 9.5 2% and 0.5 5% respectively on the back of gains in DANGCEM ( +1 0.0 0%) and MTNN ( +0.8 4%).
Similarly, the Bank index gained 1bp on the back of buy interest in FBNH (+1.0 1%) and ACCESS ( +0.8 1%). On the flipside, the Healthcare and Consumer Goods indices both declined by 107bps and 2 2bps due to selloffs in NEIMETH (-6.67%) and DANGSUGAR (-2.50%). In addition, the Services and Oil & Gas indices moderated by 1 5bps and 3bps respectively owing to losses in CAVERTON (-2.1 7%), TRANSCORP (-1.1 7%) and OANDO (-0.4 3%). Elsewhere the Agriculture index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) remained at 1.0x as 1 1 stocks advanced against the 1 1 that declined. The top gainers were DANGCEM ( +1 0.0 0%), JAIZBANK (+7.4 1%), CUSTODIAN (+3.09%), AFRIPRUD ( +2.74%) and STERLNBANK (+1.69%) while NEIMETH (-6.67%), MBENEFIT (-4.76%), BUACEMENT (-3.5 0%) , DANGSUGAR (-2.50%) and CAVERTON (-2.1 7%) were the top decliners.