Nigerian equities extended losses for the second consecutive session as the All-Share Index closed 0.31% weaker to close at 65,482.91 points. On market movers, the weak performance was driven by selloffs in tier-1 banking names, ZENITHBANK (-0.85%), GTCO (-3.10%), and FBNH (-4.39%) contributed to keep the broader index in the red. Accordingly, the market remains on for a week of gain.  As a result, the year-to-date (YTD) return fell to 27.77%, with the market capitalisation down by ₦111.15 billion to close at ₦35.63 trillion. 

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 32.87%. A total of 509.25m shares valued at ₦4.80 billion were exchanged in 8,070 deals. JAPAULGOLD (-9.91%) led the volume chart with 115.70m units traded while UBA  (0.00%) led the value chart in deals worth ₦595.92m.

Market breadth closed negative at a 2.83-to-1 ratio with declining issues outnumbering advancing ones. JAPAULGOLD (-9.91%) topped thirty-three (33) others on the laggard’s log, while LASACO (+10.00%) led eleven (11) others on the leader’s table.

Find below key highlights of market activities

Dividend Information for 2023

Today, sell pressure on GTCO (-2.2%), ACCESS (-2.7%), and FBNH (-1.6%) drove the  domestic bourse southward, as the NGX All-Share Index fell 0.2% to 43,349.90 points. Consequently, market capitalisation shed ₦49.2bn to ₦22.6tn while YTD return weakened to 7.6%. Market activity faltered as volume and value traded fell 37.5% and 47.8% respectively to 264.8m units and ₦6.1bn. FBNH (68.6m units), INTBREW (36.7m units), and GTCO (24.2m units) topped the volume chart while NESTLE (₦3.0bn), FBNH (₦856.2m), and GTCO (₦644.0m) led by value.

Performance across sectors within our coverage was bearish as 4 indices lost while the Industrial Goods and AFRI-ICT indices closed flat. The Insurance and Consumer Goods indices dipped 0.8% and 0.7% respectively due to profit-taking on MBENEFIT (-7.4%), LINKASSURE (-3.8%), DANGSUGAR (-1.2%), and FLOURMIL (-1.3%). Similarly, the Banking and Oil & Gas indices declined 0.4% and 0.2% respectively on the back of sell-offs in GTCO (-2.2%), ACCESS (-2.7%), and ARDOVA (-5.4%). 

Investor sentiment, as measured by market breadth (advance/decline ratio), weakened to 0.6x from 1.0x  as 14 stocks advanced while 24 stocks declined. ABCTRANS (+10.0%), CHAMS (+4.5%), and CUTIX (+3.1%) led gainers while JAPAULGOLD (-9.1%), NEIMETH (-9.1%), and UNITYBANK (-8.5%) led decliners. In the next trading session, we expect profit-taking to dominate the market, barring any positive driver.

Ardova Plc announced the establishment of its ₦60.0bn bond issuance programme and the successful issuance of both 7 & 10 year bonds worth ₦11.4bn and ₦13.9bn respectively with a 13.3% and 13.65% fixed rate being tranches A and B of the series 1 bonds under the Programme.

Market Statistics for Wednesday, 17th November 2021 

In today’s trading session, the benchmark index maintained a positive performance for the third consecutive day advancing 0.4% to 30,989.6 points buoyed by gains in DANGCEM (+1.1%), GUARANTY (+1.8%) and ACCESS (+6.2%). As a result, YTD loss improved to -1.4% as market capitalization increased by N43.2bn to to N11.6tn. However, activity level was mixed as value traded rose 6.0% to N3.1bn while volume traded fell by 28.7% to 268.3m units. The top traded stocks by value were ZENITH (N806.5m), GUARANTY (N411.5 m), and SEPLAT (N280.4m), while ZENITH (36.5m units), UBA (31.6m units) and FBNH (29.0 m units) were the top traded stocks by volume.

Across sectors, performance was bullish as 4 of 5 indices under our coverage advanced. The Insurance index gained 1.1% due to price appreciation in MANSARD (+7.5%) and CORNERSTONE (+5.0%) while the Banking index trailed, rising by 0.7% on the back of gains in ACCESS (+6.2%), GUARANTY (+1.8%) and WEMA (+3.2). The Oil and Gas index posted a similar performance, up 0.7% following bargain hunting in OANDO (+1.1%) while the Consumer Goods index closed flattish as inched 1bp propped by gains in CHAMPION (+2.6%) and HONYFLOUR (+4.9%). However, the Industrial Goods index performed negatively, down 1.0% due to losses in CCNN (-4.0%).
Investor sentiment fell to 1.3x from 2.1x recorded in the previous trading session as 26 stocks advanced against the 20 stocks that declined. The top performing stocks for the day were LEARNAFR (+9.9%), IKEJAHOTEL (+9.9%) and MANSARD (+7.5%) while the least performing stocks were MEDVIEW (-9.8%), RESORTSAL (-9.1%) and UBN (-8.9%). We expect that today’s positive performance will persist into tomorrow, the final trading session of the week. However, we maintain our bearish outlook for the market in the near-term.

Market Statistics Thursday, 24th January 2019 

Market Cap (N’bn)                                          11,558.1

Market Cap (US$’bn)                                            37.8

NSE All-Share Index                                      30,989.60

Daily Performance %                                              0.4

1 Week Performance %                                         1.3

YTD Performance %                                            (1.4)

Daily Volume (Million)                                        268.3

Daily Value (N’bn)                                                  3.1

Daily Value (US$’m)                                             10.3

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