Stock market sustains losses… down 1.3%

The benchmark index sustained previous session loss, declining 1.3% to close at 38,781.48 points following losses in DANGCEM (-7.3%), INTBREW (-8.8%), and GUARANTY (-0.5%). Consequently, YTD loss worsened to -3.7% while market capitalisation fell ₦274.2bn to ₦20.3tn. Trading activity improved as volume and value traded rose 2.8% and 7.7% to 259.5m units and ₦1.9bn respectively. The most traded stocks by volume were FBNH (69.5m units), TRANSCORP (36.7m units) and ZENITH (16.6m units) while FBNH (₦514.3m), ZENITH (₦366.4m) and NESTLE (₦170.1m) led by value.

Across sectors under our coverage, performance was negative as 4 indicators lost, the AFR-ICT index closed flat and the Oil & Gas index gained 2.0% following buying interest in SEPLAT (+3.6%). The Insurance index led the laggards, down 1.6% due to profit taking in AIICO (-4.7%) and CUSTODIAN (-3.3%). Also, the Banking and Consumer Goods indices declined 0.2% and 0.1% respectively on the back of sell-offs in GUARANTY (-0.5%), ACCESS (-1.3%), INTBREW (-8.8%), and GUINNESS (-5.8%). In the same regard, the Industrial Goods index declined 3bps due to price depreciation in DANGCEM (-7.3%).

Investor sentiment, as measured by market breadth (advance/decline ratio), further weakened to 0.9x from the 1.4x recorded in the previous session as 19 stocks advanced while 22 declined. CHIPLC (+10.0%), PORTPAINT (+8.3%) and ROYALEX (+7.1%) were the top gainers while FTNCOCOA (-10.0%), NEIMETH (-8.9%) and INTBREW (-8.8%) were the top decliners. In the next trading session, we expect the market to halt successive downtrends.

Market Statistics for Wednesday, 28th April 2021 

Source: Afrinvest