NGX-ASI dipped 0.7% to 52,411.09 points on account of selloffs

Today, the local bourse extended its bearish run as the NGX-ASI dipped 0.7% to 52,411.09 points on account of selloffs in BUAFOODS (-10.0%), AIRTELAF (-1.2%), and ZENITH (-1.4%). Accordingly, YTD return moderated to 22.7% while market capitalisation shed ₦196.4bn to ₦28.3tn. Trading activity improved as volume and value traded rose 12.5% and 9bps respectively to 211.6m units and ₦2.4bn.

Across our coverage sectors, performance was bearish as 5 indices lost while 1 gained. The Oil & Gas index led decliners, down 0.8% on the back of profit-taking in CONOIL (-10.0%) and OANDO (-2.2%). Trailing, the AFR-ICT and Banking indices fell 0.7% and 0.6% respectively due to selloffs in AIRTELAF (-1.2%), ZENITH (-1.4%), and UBA (-0.7%). Similarly, losses in MANSARD (-4.2%), WAPIC (-2.4%), and CUTIX (-4.9%) dragged the Insurance and Industrial Goods indices lower by 28bps and 1bp sequentially. On the other hand, the Consumer Goods index was the lone gainer, up 1bp on account of buying interest in HONYFLOUR (+1.0%).

Investor sentiment, as measured by market breadth, improved to -0.14x from -0.21x in the prior session as 12 stocks advanced, 22 declined while 72 closed flat. In the final trading session of the week, we expect the market to rebound as investors hunt for bargain.

 Trade Summary

Market Cap (₦’bn)                                   28,255.33

Market Cap ($’bn)                                           67.5

NGX All-Share Index                                52,411.09

Daily Performance %                                        -0.7

WTD Performance %                                        -1.5

MTD Performance %                                         -2.3                                  

QTD Performance %                                             11.6                 

YTD Performance %                                              22.7                                     

Daily Volume                                                           211.6                                

Daily Value (₦’bn)                                                      2.4                                                

Daily Value ($’m)                                                        5.6

Sectoral Indices Performance

NGX 30                                                                         0.0      

NGX BANKING INDEX                                           -0.6 

NGX INSURANCE INDEX                                       -0.3                                 

NGX CONSUMER GOODS INDEX                          0.0                          

NGX OIL/GAS                                                              -0.8

NGX LII                                                                           0.0                                                   

NGX INDUSTRIAL GOODS INDEX                           0.0

 NGX-AseM                                                                       0.0