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HomeBusinessNigeria's bourse rebounds marginally, as All-Share index rises 15bps

Nigeria’s bourse rebounds marginally, as All-Share index rises 15bps

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On Wednesday, the domestic equities market rebounded marginally on account of bargain hunting on some large cap names.

Overall, the All-Share Index (ASI) gained 15bps to close at 38,564.70 points. The gain in yesterday’s session was mostly driven by price uptick in SEPLAT (+1.5%) and MTNN (1.2 percent). YTD loss reduced to -4.2 percent while market capitalisation improved by N29.9 billion to print at N20.1 trillion.

Activity level was mixed as volume traded rose by 1.8 % to print at 302.7 million units and value traded fell by 23.2 percent to N2.8 billion.

Across sectors, performance was mostly bearish as only two of the five sectors under our coverage closed northwards.

The Oil and Gas index (+0.9 percent) led the bulls in yesterday’s session following buying interest in SEPLAT (+1.5 percent).

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The Consumer Goods index also closed in the green, up 0.2 percent due to price upticks in UNILEVER (+1.9 percent) and DANGSUGAR (+0.3 percent).

On the other hand, the Insurance, Banking and Industrial Goods indices lost, closing lower by 0.5 percent and 0.3 percent and 3bps, respectively, due to selloffs in WAPIC (-7.0 percent), GUARANTY (-1.6 percent) and WAPCO (-0.1 percent).
Notably, investor sentiment strengthened to 1.3x in yesterday’s session, from 0.7x in the previous session.

Looking ahead, we expect Nigerian equities to sustain a short-term recovery from the steep losses recorded earlier in the week, however, we anticipate further sideways movement on the bourse in the medium-term amid an absence of catalysts.

~ United Capital Plc

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