Investors lost out as stock market shed ₦186.9bn

Stock market closed on a bearish note as the NGX-ASI dipped 0.7% to 49,644.92 points, spurred by losses in AIRTELAF (-2.0%), ZENITH (-3.6%), and FBNH (-1.9%). Accordingly, YTD return moderated to 16.2% (previously: 17.0%) while market capitalisation shed ₦186.9bn to ₦26.8tn. Activity level diverged as volume traded fell 30.8% to 139.0m units while value traded rose 88.5% to ₦2.7bn.

Across sectors within our purview, performance was mixed albeit bearish tilt as 3 indices lost, 1 gained while the Industrial Goods and Oil & Gas indices closed flat. Losses in AIRTELAF (-2.0%), ZENITH (-3.6%), and ACCESSCORP (-0.6%) dragged the AFR-ICT and Banking indices lower by 1.3% and 1.2% respectively. Also, the Insurance index lost 0.1% due to price depreciation in AIICO (-1.8%) and MBENEFIT (-3.5%). On the other hand, the Consumer Goods index advanced 0.2% following buy interest in UNILEVER(+9.4%) and DANGSUGAR(+0.6%).

Investor sentiment, as measured by market breadth, weakened to -0.10x (from – 0.05x) as 11 stocks advanced, 18 declined while 71 closed flat. We expect bargain hunting activities to boost market performance in the next trading session.

Market Cap (₦’bn)                                       26,777.60

Market Cap ($’bn)                                                61.60

NGX All-Share Index                                    49,644.92

Daily Performance %                                            -0.70

WTD Performance %                                           -0.80

MTD Performance %                                            -0.40

QTD Performance %                                             -4.20                                 

YTD Performance %                                             16.20

Daily Volume                                                         139.00

Daily Value (₦’bn)                                                    2.70

Daily Value ($’m)                                                     6.30

Sectoral Indices Performance

NGX 30                                                                    -0.70

NGX BANKING INDEX                                        -1.30

NGX INSURANCE INDEX                                    -0.10

NGX CONSUMER GOODS INDEX                       0.20

NGX OIL/GAS                                                          0.00

NGX LII                                                                    -0.50

NGX INDUSTRIAL GOODS INDEX                      0.00                    

NGX-AseM                                                                0.00

Source: Afrinvest