Sell pressure weighs on stock market performance, ASI down 0.2%

Today, the local bourse extends its negative performance as the benchmark index fell 0.2% to 52,186.52 points, following selloffs in NB, GTCO, and INTBREW. Accordingly, YTD return moderated to 22.2% (previously: 22.5%) while market capitalisation shed ₦66.0bn to ₦28.1tn. Meanwhile, market activity improved as volume and value traded rose 15.9% and 19.7% respectively to 238.3m units and ₦3.3bn.

Across the coverage sectors, performance was bearish as 4 indices lost while the AFR- ICT and Industrial Good indices closed flat. The Consumer Goods and Oil & Gas indices led laggards, down 1.0% apiece on account of profit-taking in NB (-6.1%), INTBREW (-4.4%), OANDO (-5.5%), and ETERNA (-2.6%). Trailing, the Insurance and Banking indices fell 0.6% and 0.5% respectively due to losses in CHIPLC (-5.7%), AIICO (-1.6%), ACCESSCORP(-1.1%), and UBA (-1.3%).

Investor sentiment, as measured by market breadth, weakened to -0.15x from 0.00x in the prior session as 12 stocks gained, 22 lost while 67 closed flat. We expect the bearish sentiment to linger in the next session barring any positive catalysts.

Market Cap (₦’bn)                                  28,142.08

Market Cap ($’bn)                                           66.60

NGX All-Share Index                                52,186.52

Daily Performance %                                        -0.20

WTD Performance %                                        -0.10

MTD Performance %                                          0.70

QTD Performance %                                           0.70                                      

YTD Performance %                                          22.20                                         

Daily Volume                                                     238.30

Daily Value (₦’bn)                                                  3.30

Daily Value ($’m)                                                    7.90                                             

Sectoral Indices Performance

NGX 30                                                                 -0.20                   

NGX BANKING INDEX                                         -0.50

NGX INSURANCE INDEX                                    -0.60                 

NGX CONSUMER GOODS INDEX                      -1.00                       

NGX OIL/GAS                                                       -1.00

NGX LII                                                                  -1.00                    

NGX INDUSTRIAL GOODS INDEX                        0.00

NGX-AseM                                                              0.00