Bears maintain grip on equities market as investors lost N51.3bn


Today, the domestic equities market closed in the red as sell-offs drove the All Share Index (ASI) 48bps lower to 28,286.08 points. YTD loss dipped to –9.6% while investors lost N51.3 billion to settle at 10.6 trillion. Price depreciation in DANGCEM (-0.3%), UBN (-3.6%) and UBA (-2.4%) largely contributed to today’s bearish performance. Consequently, activity level further declined as volume and value traded fell 11.7% and 22.8% to 176.7m units and N2.1bn respectively. The top traded stocks by volume were ACCESS (35.8m units), UACN (21.5m units) and UBA (18.8m units) while the top traded stocks by value were GUARANTY (N551.1m), NESTLE (N360.1m) and ZENITH (N255.6m).

The sector performance in today’s trading session was bearish as all indices under our coverage trended southwards. The Industrial Goods index led decliners shedding 2.3% following sell pressures in DANGCEM (-0.3%) and CCNN (-9.2%). The Insurance and Oil & Gas indices trailed, as sell-offs in WAPIC (-10.0%), MANSARD (-0.6%) and FORTE (-9.9%) pulled the index down by 1.0% apiece respectively. Similarly, the Banking index closed 0.7% lower, on the back of losses in UBN (-3.6%) and UBA (-2.4%) while profit-taking in DANGFLOUR (-4.4%) and CHAMPION (-9.8%) dragged the Consumer Goods index 0.1% lower. 

Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.6x from 1.3x recorded yesterday as 11 stocks advanced against 17 stocks that declined. Outperforming stocks were CHAMS (+9.1%), ABCTRANS (+8.0%) and THOMASWY (+7.4%) while WAPIC (-10.0%), FORTE (-9.9%) and CHAMPION (-9.8%) led laggards. We anticipate a possible rebound before close of the week as investors buy the dip for fundamental stocks with attractive entry prices.

Market Statistics Wednesday, 15th May 2019

Market Cap (N’bn)                            10,626.8

Market Cap (US$’bn)                              34.7

NSE All-Share Index                          28,286.08

Daily Performance %                                (0.5)

1 Week Performance %                              (2.3)

YTD Performance %                               (10.0)

Daily Volume (Million)                            176.7

Daily Value (N’bn)                                    2.1

Daily Value (US$’m)                                  6.8

Categories: Finance,News,Stock Market

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