UBA leads trading with N18.7bn in May

United Bank for Africa (UBA), Access Bank Corporation and GTBank Corporation led trading activities by value in the month of May, trading stocks valued at N18.7 billion, N18.6 billion and N17.6 billion respectively.

In terms of volume, Access Bank led with 1.1 billion units, UBA (770m units), and ETI (560.8m) during the month.

However, monthly trading activity regressed as average volume and value traded declined 17.7 per cent and 15.9 per cent month-on-month (m/m) by 434.0 million units and N8.6 billion’, respectively.

Nonetheless, the local bourse rebounded from its negative position it closed in April (down 6.1 per cent) with a 1.1 per cent m/m uptick in the All Share Index (ASI) to 99,300.38 points.

As a result, Year-to-Date (YTD) return improved to 32.8 per cent (previously 31.4% while market capitalisation also advanced 1.1 per cent m/m to N56.2 trillion.

Across the sectors within our purview, performance was largely positive as five indices gained while one lost. The Banking and Oil & Gas indices gained 3.0% and 2.1 per cent m/m on the back of buy interest in FIDELITY (+12.7%), GTCO (+5.0%), OANDO (+30.4%), and SEPLAT (+3.6%). 

Likewise, price appreciation in MTNN (+7.0%), NESTLE (+13.7%), and MAYBAKER (+11.7%) pushed the AFR-ICT and Consumer Goods indices higher by 1.7 per cent and 1.2 per cent sequentially.

Trailing, the Industrial Goods index rose 0.2 per cent on the back of price uptick in JBERGER (+17.4%). On the flip side, losses in NEM (-22.7%) and MANSARD (-7.5%) pulled the Insurance index down 3.3 per cent m/m.

Investor sentiment, as measured by market breadth, eased to -0.32x from -0.9x recorded last month as 39 stocks gained, 58 lost, while 60 remained unchanged. 

The top gainers for the month were MORISON (+152.8%), CAP (+45.6%), and CUTIX (+28.8%), while PZ (-42.1%), DEAPCAP (-35.5%), and FBNH (-34.0%) led the losers. 

“We anticipate the bourse to post mild gains in June, driven by bargain activities”, said Afrinvest.