Thisday Afrinvest Index down 36bps

Thisday Afrinvest 40 index declined by 36bps to close at 4561.31 index points following price decline in GTCO (-1.8%), ZENITH (-1.4%), and ACCESS (-0.7%). Cumulatively, these stocks account for 22.0% of the index.

NGX Eclipses 90k Index Point Mark… ASI up 2.3%

Yesterday, , price uptick in DANGCEM (+9.8%), BUACEMENT (+9.9%), BUAFOODS (+5.4%), and 47 others propelled the domestic bourse to a new milestone of 90,063.27 index point, following a 2.3% rally in the ASI. Consequently, YTD return improved to 20.4% (previously: 17.6%) while market capitalisation advanced by ₦1.1tn to ₦49.2tn. Activity level strengthened as volume and value traded improved 21.6% and 3.8% to 1.2bn units and ₦16.3bn, respectively.

Bullish Sector Performance

Across sectors, performance was bullish as five indices under our coverage closed in the green while one lost. The Industrial Goods and Insurance indices led gainers, up 8.7% and 3.6% respectively following a price uptick in DANGCEM (+9.8%), BUACEMENT (+9.9%), AIICO (+10.0%) and SUNUASSU (+10.0%). Trailing, the Consumer Goods and Oil & Gas indices gained 1.9% and 0.4% due to buying interest in BUAFOODS (+5.4%), INTBREW (+9.9%), and ETERNA (+9.8%). Bargain hunting in CHAMS (+9.7%) pushed the AFR-ICT index up 1bp. Conversely, sell pressure on UBA (-4.2%), and ZENITH (-1.4%) dragged the Banking index down by 3.3%.

Outlook

Investor sentiment, as measured by market breadth, dampened to 0.29x from 1.97x in the prior session as 47 stocks advanced, 35 declined while 42 closed flat. Tomorrow,

we anticipate the market to continue its bullish performance baring any negative shock.

Corporate Action

Access Holdings Plc obtains the CBN’s approval-in-principle to establish a consumer lending subsidiary to be known as Oxygen X Finance Company Limited. The purpose subsidiary will provide innovative and seamless digital lending solutions to address distinct challenges faced by individuals and businesses.