Stock market halts Sell-offs… ASI up 0.1%

Today, the domestic equities market rebounded from the previous trading session’s loss as the benchmark index rose 0.1% to 47,272.04 points due to gains in SEPLAT (+7.5%), GTCO (+1.5%), and NGXGROUP (+7.2%). Consequently, YTD return advanced to 10.7% (previously: 10.5%) while market capitalisation rose ₦34.9bn to ₦25.5tn. Trading activity improved as volume and value traded increased 47.7% and 10.4% 10.7% respectively to 340.7m units and ₦3.9bn. Daily Volume 340.7

Across sectors within our coverage, performance was mixed as 3 indices gained, 2 lost while the Industrial Goods closed flat. The Oil & Gas and Insurance indices inched higher by 3.9% and 1.0% respectively on the back of buying interest in SEPLAT (+7.5%), AIICO (+1.5%), and MBENEFIT (+3.9%). Similarly, the AFR- ICT index rose 1bp due to gains in COURTVILLE (+3.9%). Conversely, the Consumer Goods and Banking indices dipped 0.6% and 0.3% respectively driven by sell pressure on INTBREW (-4.6%), FLOURMILL (- 3.6%), ACCESS (-1.0%), and UBN (-1.6%). 

Investor sentiment, as measured by market breadth, weakened to 0.11x from 0.15x in the prior session as 25 stocks advanced, 18 declined while 66 closed flat. In the final trading session for the week, we anticipate profit-taking in the market due to the weakened investor sentiment.

Trade Summary

Market Cap (₦’bn)                     25,477.06

Market Cap ($’bn)                      61.2

NGX All-Share Index                  47,272.04

Daily Performance                       % 0.1%

WTD Performance                       % 0.3%

MTD Performance                      % 1.4%

QTD Performance                      % 10.7%

Sectoral index performance

NGX                                            30 0.2%

NGX BANKING INDEX                      -0.3%

NGX INSURANCE INDEX                  1.0%

NGX CONSUMER GOODS INDEX    -0.6%

NGX OIL/GAS                                        3.9%

NGX LII                                                  0.0%

NGX INDUSTRIAL GOODS INDEX   0.0%

NGX-AseM                                             0.0%

NGX Afrinvest Banking Value Index    0.3%

NGX Afrinvest High Dividend Yield Index  0.4%

Corporate Results & Actions (in billion Naira excluding dividend)

Ticker      Period     Revenue (bn)        PAT (bn)     PAT Growth  Dividend

CONOIL  FY:2021   126.70                    3.04              111.1%           nil

WEMAB  FY:2021   91.30                      8.87              93.7%            nil

NB           FY: 2021    437.30                   12.70            72%             N1.20

MTNN    FY:2021     1654.30                  298.65          45.5%           Nil

BUACEM FY:2021   257.33                    91.7              26.8%           Nil

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