Home Finance Banking stocks drag market performance… ASI down 14bps

Banking stocks drag market performance… ASI down 14bps

by Business News Report

At the close of trade, price declines in ZENITH (-2.1%), GUARANTY (-1.1%) and ACCESS (-1.7%) dragged the All-Share Index down 14bps to 21,300.47. Consequently, YTD return settled at -20.6% while market capitalisation decreased ₦15.8bn to ₦11.1tn. Activity level declined as volume and value traded fell 9.6% and 10.8% to 422.0m units and ₦1.7bn respectively. The most active stocks by volume were STERLING (303.6m units), ZENITH (29.7m units) and GUARANTY (16.9m units) while ZENITH (₦350.4m), STERLING (₦348.7m) and GUARANTY (₦301.2m) led the value chart.  

Sector performance was mixed as 2 indices gained, 2 lost while 2 closed flat. The Insurance and Consumer Goods indices posted gains, up 1.6% and 0.5% respectively due to price appreciation in NEM (+9.5%), CORNERSTONE (+3.5%), UNILEVER (+4.8%) and FLOURMILL (+2.2%). Conversely, the  Banking and Industrial Goods indices depreciated 1.1% and 0.1% respectively following losses in ZENITH (-2.1%), GUARANTY (-1.1%) and WAPCO (-1.1%). Finally, the Oil & Gas and AFR-ICT indices closed flat. 

Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.8x from the 0.7x recorded in the previous trading session as 9 stocks advanced relative to 11 decliners. The best performers were GLAXOSMITH (+10.0%), MAYBAYER (+9.7%) and NEM (+9.5%) while JAIZBANK (-9.4%), IKEJAHOTEL (-9.1%) and COURTVILLE (-4.8%) led the laggards. We expect the bearish sentiment to continue however, there exist bargain hunting opportunities in the equities market.

Market Statistics for Tuesday, 31st March 2020 

Market Cap (N’bn) 11,100.8
Market Cap (US$’bn) 30.8
NSE All-Share Index 21,300.47
Daily Performance % (0.1)
WTD Performance % (2.6)
MTD Performance % (18.8)
QTD Performance % (20.6)
YTD Performance % (20.6)
Daily Volume (Million) 422.0
Daily Value (N’bn) 1.7
Daily Value (US$’m) 4.8

Source: Afrinvest

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