Zenith, International Brewery drag down stock index as ASI dips by 0.3%

The NGX-ASI fell 0.3% to close at 52,815.78 points due to sell pressure on NB (-4.7%), ZENITH (-1.9%), and INTBREW (-5.7%). Accordingly, YTD return moderated to 23.6% (previously: 24.0%), while market capitalisation dipped ₦85.4bn to ₦28.5tn. Volume traded declined 6.9% to 274.4m units while value traded rose 12.2% to ₦4.0bn.

Across our coverage sectors, performance was bearish as all indices closed negative. The Consumer Goods and Banking indices lost the most, down 1.8% and 1.0% respectively on account of price depreciation in NB (-4.7%), INTBREW (-5.7%), ZENITH (-1.9%), and UBA (- 1.9%). Trailing, the Insurance and Oil & Gas indices declined 0.6% and 0.1% respectively due to losses in LINKASSURE (-3.6%), MANSARD (-4.7%), ARDOVA (-0.3%), and ETERNA (-3.0%). Similarly, the AFR-ICT and Industrial Goods indices lost 3bps and 2bps respectively following sell-offs in AIRTELAF (-0.1%) and BERGER (-2.9%). Investor sentiment, as measured by market breadth, weakened to -0.18x from -0.08x as 13 stocks gained, 26 lost while 71 closed flat. In the final trading session of the week, we expect the market to close in the red in absence of positive market catalysts.

Market Cap (₦’bn)                                        28,473.52

Market Cap ($’bn)                                                 68.5

NGX All-Share Index                                     52,815.78

Daily Performance %                                              -0.3

WTD Performance %                                              -2.3

MTD Performance %                                              -1.5

QTD Performance %                                               12.5

YTD Performance %                                                23.6

Daily Volume                                                          274.4

Daily Value (₦’bn)                                                      4.0

Daily Value ($’m)                                                        9.7

Sectoral Indices Performance

NGX 30                                                                        -0.5

NGX BANKING INDEX                                            -1.0

NGX INSURANCE INDEX                                        -0.6     

NGX CONSUMER GOODS INDEX                          -1.8

NGX OIL/GAS                                                             -0.1

NGX LII                                                                        -0.2

NGX INDUSTRIAL GOODS INDEX                          0.0                         

NGX-AseM                                                                       0.0