The NGX-ASI closed the month with a 4.6% uptick to print at 104,562.06 points. Resultantly, YTD return printed at 39.8% (previously 33.7%) while market capitalisation advanced 8.1% m/m to ₦59.1tn. Monthly trading activity improved as average volume and value traded rose 9.7% and 88.4% m/m to 595.7m units and ₦16.4bn, respectively. TRANSCORP (1.3bn units), GTCO (625.1m units), and UBA (621.5m units) were the top traded stocks by volume for the month, while GTCO (₦28.8bn), TRANSCORP (₦22.4bn), and ZENITH (₦18.4bn) led by value.
Across the sectors within our purview, performance was largely positive as five indices gained while the Oil & Gas index closed flat. The Insurance and Banking indices led the gainers, up 2.6% and 0.6% m/m respectively on the back of improved buying interest in NEM (+19.5%), LINKASSU (+17.8%), GTCO (+32.6%), and ACCESSCO (+27.9%). Similarly, price appreciation in MTNN (+4.1%) and CWG (+35.1%) boosted the AFR-ICT index by 0.3%. Following suit, the Industrial and Consumer Goods indices rose 10bps apiece on the back of price uptick in WAPCO (+19.1%), JBERGER (+18.7%), FLOURMILL (+27.7%), and PZ (+23.8%).
Investor sentiment, as measured by market breadth, improved to 0.4x from -1.2x recorded last month as 58 stocks gained, 36 stocks lost while 58 were unchanged. The top performing stocks for the month were JULI (+178.3%), TRANSPOWER (+57.1%), and NEM (+50.0%) while DAAR (-22.1%), VITAFOAM (-21.4%), and SUNUASSU (-20.4%) were the top underperforming stocks. We anticipate that the positive sentiment would linger in April spurred by increased corporate activities following banks recapitalisation announcement and growing FPI traction into equities.
