November 3, 2021/United Capital Research
In yesterday’s trading session, the Nigerian Exchange Group regained some bullish momentum as the benchmark All Share Index increased by 9bps to close at 42,013.4 points, up from 41,976.8 points the previous session. The NGXASI market capitalisation increased by N36.6bn to N21.9tn, as YTD return strengthened to 4.3% from 4.2%. In terms of activity, the total volume traded fell by 16.5% to 318.9m units while total value traded increased marginally by 1.1% to N3.3bn.
Across sectors, yesterday’s performance was basically flattish as 3 sector indices closed positive while 2 sector indices closed in red territory. The Industrial Goods Index recorded the highest gains, rising 1.1% on account of BUACEMEN (+3.5%). Furthermore, the Oil and Gas and Consumer Goods indices gained 0.7% and 0.6%, respectively, as OANDO (+4.1%), INTBREW (+9.62) and CHAMPION (+1.4%) appreciated. The Banking index recorded the highest drop with a 1.5% decline, as traders booked profits on FBNH (-7.0%) and ACCESS (-1.6%). Similarly, the Insurance Index lost 1.5%, on the back of selloffs in WAPIC (-5.9%) and AIICO (-5.2%).
Investor sentiment weakened further, as market breadth (advance/decline ratio) declined to 0.4x.
Looking forward to the rest of the week, we expect sustained bullish interest in equities as investors continue to react to recently released 9M-2021 earnings releases.
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