The Nigerian Equities market opened the week lower as the All Share Index (ASI) shed 0.4 per cent to settle at 30,322.19 points whilst YTD loss worsened to -3.5 per cent. This was driven by losses in UNILEVER (-7.6%), ETI (-2.0%) and ZENITH (-0.5%). Similarly, market capitalisation dipped N48.4 billion to close at N13.4 trillion. Activity level weakened as volume and value traded slid 11.7 per cent and 10.6 per cent to 247.3 million units and N3.5 billion respectively. The top traded stocks by volume were ZENITH (70.3m units), GUARANTY (23.1m units) and ETI (18.1m units) while the top traded stocks by value were ZENITH (N1.4bn), GUARANTY (N706.1m) and MTNN (N244.2m).
Performance across sectors was largely bearish as all indices trended southward, save the Insurance index which rose 2bps on account of gains in SOVRENIN (+8.7%) and CHIPLC (+10.0%). The Industrial Goods index (-2.3%), which was dragged by CCNN (-10.0%) and CUTIX (-8.8%), emerged the top loser. Similarly, the Consumer Goods index shed 0.6% on the back of losses in UNILEVER (-7.6%) and DANGFLOUR (-2.4%) while the Afrinvest ICT index lost 0.4% due to price depreciation in MTNN (-0.4%). Finally, the Oil & Gas and Banking indices declined 0.2 per cent and 0.1 per cent respectively following sell-offs in OANDO (-3.8%), ETI (-2.0%) and ZENITH (-0.5%).
Investor sentiment as measured by market breadth (advancers/decliners ratio) strengthened to 0.8x from 0.4x recorded in the previous trading session as 15 stocks advanced against 20 stocks that declined. At the summit of the gainers’ chart were CHIPLC (+10.0%), UAC-PROP (+10.0%) and SOVRENINS (+8.7%) while CCNN (-10.0%), UNITY (-10.0%) and NAHCO (-9.7%) were the worst performers. Given the negative trend in the equities market, we expect the bearish performance in the market to persist but with opportunities for bargain hunting.
|Market Cap (N’bn)||13,354.0|
|Market Cap (US$’bn)||37.1|
|NSE All-Share Index||30,322.19|
|Daily Performance %||(0.4)|
|1 Week Performance %||(2.0)|
|YTD Performance %||(3.5)|
|Daily Volume (Million)||247.3|
|Daily Value (N’bn)||3.5|
|Daily Value (US$’m)||9.7|