Losses in BUACEMENT, GUINNESS, GTCO dragged the ASI index lower

Today, the domestic market was bearish as losses in BUACEMENT, GUINNESS, and GTCO dragged the ASI index lower by 0.5% to 49,190.34 points. Accordingly, YTD return moderated to 15.2% (previously: 15.7%) while market capitalisation fell ₦124.9bn to ₦26.5tn. Meanwhile, activity level improved as volume and value traded rose 144.5% and 202.0% respectively to 126.8m units and ₦1.8bn.

Across sectors within our purview, performance was bearish as 4 indices lost, 1 gained while the AFR-ICT index closed flat. The Industrial and Consumer Goods indices dipped 2.3% and 0.4% respectively following sell-offs in BUACEMENT (-6.2%), GUINNESS (-5.6%), and CARDBURY (-9.6%). Trailing, the Insurance and Oil & Gas indices fell 30bps and 20bps sequentially due to sell pressure on CORNERST (-10.0%) and OANDO (-1.2%). On the flip side, the Banking index appreciated 0.4% on the back of buy interest in ACCESSCORP(+1.2%), UBA (+0.7%), and ZENITH (+0.3%).

Investor sentiment, as measured by market breadth, weakened to -0.05x (previously: – 0.03x) as 10 stocks advanced, 14 declined while 73 closed flat. We anticipate a negative outing in the next trading session on the back of weak sentiment.

Market Cap (₦’bn)                                         26,532.85

Market Cap ($’bn)                                                 60.90

NGX All-Share Index                                    49,190.34

Daily Performance %                                            -0.50

WTD Performance %                                            -0.60

MTD Performance %                                            -1.30

QTD Performance %                                            -5.10                                            

YTD Performance %                                           15.20

Daily Volume                                                     126.80                                               

Daily Value (₦’bn)                                                1.80

Daily Value ($’m)                                                  4.10                                  

Sectoral Indices Performance

NGX 30                                                                -0.60

NGX BANKING INDEX                                     0.40                              

NGX INSURANCE INDEX                               -0.30

NGX CONSUMER GOODS INDEX                 -0.40                

NGX OIL/GAS                                                    -0.20

NGX LII                                                               -0.60

NGX INDUSTRIAL GOODS INDEX                -2.30

NGX-AseM                                                           0.00                                     

Source: Afrinvest