Losses in Nestle, GTCO, UBA dragged stock market too shed ₦111.6bn

Stock market closed on a bearish note as the NGX- ASI dipped 0.4% to 48,964.83 points, dragged by losses in NESTLE (-10.0%), GTCO (- 1.1%), and UBA (-2.0%). Accordingly, YTD return moderated to 14.6% (previously: 15.1%) while market capitalisation shed ₦111.6bn to ₦26.4tn. Activity level improved as volume and value traded increased by 117.3% and 88.0% to 220.7m and ₦2.2bn respectively.

Across sectors within our purview, performance was bearish as 4 indices lost while the Industrial Goods and AFR-ICT indices closed flat. Losses in NESTLE (-10.0%), INTBREW (-1.0%), and AIICO (-5.4%) dragged the Consumer Goods and Insurance indices lower by 3.2% and 0.6% respectively. Similarly, the Banking and Oil & Gas indices dipped 0.2% and 3bps respectively due to price depreciation in UBA (-2.1%), ACCESSCORP(1.2%), and OANDO (-0.2%).

Investor sentiment, as measured by market breadth, improved to -0.03x (previously: – 0.16x) as 12 stocks advanced, 14 declined while 75 closed flat. We expect the negative performance to persist in the final trading session due to the absence of any positive triggers.

Market Cap (₦’bn)                                       26,419.39

Market Cap ($’bn)                                               60.60

NGX All-Share Index                                  48,964.83

Daily Performance %                                          -0.40

WTD Performance %                                           0.10

MTD Performance %                                          -1.70

QTD Performance %                                           -5.50

YTD Performance %                                           14.60

Daily Volume                                                     220.80                               

Daily Value (₦’bn)                                                 2.30                                         

Daily Value ($’m)                                                  5.20

Sectoral Indices Performance

NGX 30                                                                 -0.50                          

NGX BANKING INDEX                                       -0.20                                     

NGX INSURANCE INDEX                                   -0.60               

NGX CONSUMER GOODS INDEX                     -3.20                

NGX OIL/GAS                                                         0.00     

NGX LII                                                                   -0.90                                                

NGX INDUSTRIAL GOODS INDEX                      0.00                 

NGX-AseM                                                                0.00

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