All Share Index up 11bps as DANGCEM gains 3.3%

Today, price uptick in HONYFLOUR (+9.8%), DANGCEM (+3.3%), and FBNH (+0.7%) bolstered positive performance on the local bourse as the All-Share index rose by 11bps to 39,550.36 points. Consequently, YTD loss improved to -1.8% while market capitalisation rose by ₦23.4bn to ₦20.6tn. Trading activity was mixed as volume traded declined by 21.6% to 110.8m units while value traded rose by 88.5% to ₦3.1bn. The most traded stocks by volume were TRANSCORP (11.9m units), FBNH (11.1m units), and OANDO (7.3m units) while NESTLE (₦2.2bn), DANGCEM (₦145.0m), and GTCO (₦134.8m) led by value.

Across sectors under our coverage, performance was bearish as 4 indices lost, 1 index gained while the AFR-ICT index remained flat. Topping the laggards are the Consumer Goods and Insurance indices, down 4.6% and 1.2% respectively on the back of profit-taking in NESTLE (-9.1%), UNILEVER (-3.5%), LINKASSURE (-6.4%), and MANSARD (-2.2%). Similarly, the Oil & Gas and Banking indices fell by 0.2% and 2bps respectively due to sell-offs in OANDO (-0.8%), ZENITH (-0.2%), and GTCO (-0.2%). Conversely, the Industrial Goods index was the lone gainer, up 1.8% driven by price appreciation in DANGCEM (+3.3%).

Investors sentiment, as measured by market breadth (advance/decline ratio), weakened, settling at 0.9x from 1.6x recorded in the last trading session as 15 stocks advanced while 16 stocks declined. HONYFLOUR (+9.8%), PHARMDEKO (+9.2%), and WEMABANK (+3.7%) led the gainers while SCOA (-9.7%), NESTLE (-9.1%), and FTNCOCOA (-8.5%) led the losers. Given the latest moderation in inflation numbers, we expect buy sentiment to dominate tomorrow’s trading as investors reprice risk on equity assets.

Market Statistics for Tuesday, 17th August 2021 

Source: Afrinvest