Stock market takes a beating, ASI down 3.2%

The local bourse today suffered its biggest loss in 2022 as the benchmark index fell 3.2% to 47,260.89 points, following selloffs in AIRTELAF (-10.0%), MTNN (-1.2%), and OKOMUOIL (-10.0%). Accordingly, YTD return moderated to 10.6% (previously: 14.3%) while market capitalisation shed ₦858.3bn to ₦25.7tn. Meanwhile, market activities improved as volume and value traded increased 3.8% and 13.4% respectively to 140.6m units and ₦2.5bn.

Across our coverage sectors, performance was bearish as 5 indices lost while the Oil & Gas index closed flat. The AFR-ICT and Banking indices led the laggards, down 6.9% and 0.9% respectively due to sell pressure on AIRTELAF (-10.0%), MTNN (-1.2%), and UBN (-8.9%). Likewise, losses in WAPCO (-4.1%), AIICO (-1.8%), and SOVRENIN (-7.4%) dragged the Industrial Goods and Insurance indices lower by 0.3% apiece. Trailing, the Consumer Goods index lost 0.6%, driven by price decline in HONYFLOUR (+8.7%) and CHAMPION (+2.4%).

Investor sentiment, as measured by market breadth, weakened to -0.15x from -0.13x in the prior session as 14 stocks gained, 23 lost while 61 closed flat. Tomorrow, we expect bargain hunting activities to boost market performance. Afrinvest

Market Cap (₦’bn)                                  25,741.74

Market Cap ($’bn)                                          58.90

NGX All-Share Index                              47,260.89

Daily Performance %                                      -3.20

WTD Performance %                                      -3.60

MTD Performance %                                        -3.60

QTD Performance %                                         -3.60

YTD Performance %                                         10.60

Daily Volume                                                   140.70

Daily Value (₦’bn)                                               2.50

Daily Value ($’m)                                                 5.80                                

Sectoral Indices Performance

NGX 30                                                                -3.10                                    

NGX BANKING INDEX                                    -0.90                           

NGX INSURANCE INDEX                                -0.30                           

NGX CONSUMER GOODS INDEX                  -0.10            

NGX OIL/GAS                                                      0.00                                              

NGX LII                                                                -3.30                                              

NGX INDUSTRIAL GOODS INDEX                 -0.30

NGX-AseM                                                             0.0