Finance

Sell pressure on AIRTELAF, MTNN, WAPCO dragged the benchmark index lower by 2.3%

Published

3 years ago

October 19, 2022

Losses closed proceedings in the equities market today as sell pressure on AIRTELAF (-10.0%), MTNN (-2.0%), and WAPCO (-7.8%) dragged the benchmark index lower by 2.3% to 44,318.15 points. Consequently, YTD return moderated to 3.7% (previously: 6.2%) while market capitalisation shed ₦570.9bn to ₦24.1tn. Activity level diverged as volume traded fell 60.7% to 165.4m units while value traded rose 1.4% to ₦3.7bn.

Across our coverage sectors, performance was mixed as 3 indices gained while 3 lost. The AFR- ICT index led laggards, down -6.6% driven by sell pressure on AIRTELAF (-10.0%) and MTNN (- 2.0%). Similarly, the Oil & Gas and Consumer Goods indices dipped 80bps and 3 bps respectively due to price depreciation in TOTAL (-6.7%), MRS (-9.7%), DANGSUGAR (-1.9%), and NNFM (-9.6%). On the flip side, the Industrial Goods index advanced 0.9% on the back of buying interest in BUACEMENT (+3.8%). Likewise, price uptick in FIDELITY (+9.7%), JAIZBANK (+7.1%), AIICO (+5.6%), and MBENEFIT (+6.9%) drove the Banking and Insurance indices higher by 0.5% and 0.2% respectively.

Investor sentiment, as measured by market breadth, faltered to -0.01x (previously: 0.04x) as 16 stocks gained, 17 lost while 68 closed flat. In the penultimate trading session for the week, we expect the bearish performance to persist barring any positive catalyst.

Market Cap (₦’bn) 24,138.90

Market Cap ($’bn) 54.80

NGX All-Share Index 44,318.15

Daily Performance % -2.30

WTD Performance % -6.80

MTD Performance % -9.60

QTD Performance % -9.60

YTD Performance % 3.70

Daily Volume 165.40

Daily Value (₦’bn) 3.70

Daily Value ($’m) 8.30

Sectoral Indices Performance