Selloffs in CHAMS, FCMB, MCNICHOLS dragged stock market index lower

Today, the domestic equities market closed in the red as selloffs in CHAMS (- 10.0%), FCMB (-8.0%), and MCNICHOLS (-7.5%) dragged the benchmark index lower by 0.1% to 49,599.73 points. Consequently, YTD return moderated to 16.1% (previously: 16.2%) while market capitalisation shed ₦24.4bn to ₦26.8tn. Market activity dampened as volume and value traded declined 7.2% and 38.8% respectively to 128.9m units and ₦1.7bn.

Across our coverage sectors, performance was mixed albeit bearish tilt as 2 indices lost, 1 gained while the AFR-ICT, Industrial Goods, and Insurance indices closed flat. The Banking and Oil & Gas indices fell 0.3% apiece, following sell offs in FCMB (-8.0%), STERLNBANK (-3.9%), and OANDO (-1.9%). Conversely, the Consumer Goods index rose 0.1% due to price uptick in PZ (+9.8%) and DANGSUGAR(+0.3%).

Investor sentiment, as measured by market breadth, improved to 0.00x (from – 0.10x) as 16 stocks advanced, 16 declined while 66 closed flat. In the penultimate trading session, we expect the bears to linger in the absence of any positive catalyst.

Market Cap (₦’bn)                                         26,753.20

Market Cap ($’bn)                                                 61.40

NGX All-Share Index                                    49,599.73

Daily Performance %                                            -0.10

WTD Performance %                                            -0.90

MTD Performance %                                            -0.50

QTD Performance %                                             -4.30

YTD Performance %                                             16.10                                        

Daily Volume                                                       128.90

Daily Value (₦’bn)                                                   1.70

Daily Value ($’m)                                                    3.80

Sectoral Indices Performance

NGX 30                                                                  -0.10       

NGX BANKING INDEX                                      -0.30

NGX INSURANCE INDEX                                   0.00

NGX CONSUMER GOODS INDEX                  0.10

NGX OIL/GAS                                                   -0.30

NGX LII                                                              0.00                                      

NGX INDUSTRIAL GOODS INDEX              0.00

NGX-AseM                                                       0.00

Source: Afrinvest