Sell Pressure Drags Market Performance… ASI down 0.4%

Today, the NGX-ASI fell 0.4% to close at 51,586.50 points due to sell offs in BUAFOODS (-6.4%), FBNH (-5.6%), and INTBREW (-9.5%). As such, YTD return weakened to 20.8% (previously: 21.2%) while market capitalisation declined ₦110.5bn to ₦27.8tn. Meanwhile, volume traded rose 20.9% to 234.6m units while value traded dipped 8.9% to ₦2.6bn.

Across our coverage sectors, performance was mixed albeit negatively tilt as 3 indices lost, 1 gained while the Oil & Gas and AFR-ICT indices closed flat. The Consumer Goods index led laggards, down 0.6% due to sell pressure on BUAFOODS (-6.4%) and INTBREW (-9.5%). Similarly, the Banking and Insurance indices declined 0.5% apiece following losses in ZENITH (- 2.0%), FCMB (-6.4%), AIICO (-1.6%), and CHIPLC (-8.0%). On the flip side, the Industrial Goods index gained 1bp on the back of buying interest in WAPCO (+0.4%).

Investor sentiment, as measured by market breadth, strengthened to 0.10x from -0.02x as 23 stocks advanced, 16 declined while 69 closed flat. Tomorrow, we expect investors to cherry-pick affordable stocks with good fundamentals.

 Trade Summary

Market Cap (₦’bn)                                    27,810.82

Market Cap ($’bn)                                            66.00

NGX All-Share Index                               51,586.50

Daily Performance %                                       -0.40

WTD Performance %                                       -0.50

MTD Performance % QTD                              -0.40                         

Performance %                                                 -0.40                                              

YTD Performance %                                        20.80                               

Daily Volume                                                  234.60                                            

Daily Value (₦’bn)                                               2.60                                      

Daily Value ($’m)                                                6.10

Sectoral Indices Performance

NGX 30                                                               -0.30                                                       

NGX BANKING INDEX                                    -0.50                                     

NGX INSURANCE INDEX                                -0.50                            

NGX CONSUMER GOODS INDEX                   -0.60                    

NGX OIL/GAS                                                       0.00 

NGX LII                                                                  -0.50        

NGX INDUSTRIAL GOODS INDEX                    0.00                  

NGX-AseM                                                              0.00