At the trading floor of Nigerian Exchange sustained sell pressure on bellwether stocks – ACCESSCORP (-4.2%), OANDO (-4.8%), and UBA (-1.7%) – pulled the local bourse back into the red, as the NGX-ASI lost 10bps to print at 109,619.10 points. Consequently, YTD return fell to 6.5% (previously 6.6%), while market capitalisation shed 10bps to N68.9tn.
Activity level varied as volume traded rose 33.6% to 664.2m units while value traded fell 1.6% to N13.0bn.
Performance Performance across our coverage sectors was mixed, albeit negatively skewed, as three indices lost, two gained, while the AFR-ICT index closed flat. The Banking index lost the most, down by 0.8% due to selloffs on ACCESSCORP (-4.2%), UBA (-1.7%), and FIRSTHOLDCO (-1.2%). Following, the Oil & Gas and Industrial Goods indices fell 0.5% and 0.1% accordingly, due to price depreciation in OANDO (-4.8%) and WAPCO (-0.9%). However, the Insurance and Consumer Goods indices rose 1.1% and 0.5% sequentially, thanks to buy interest in MANSARD (+4.8%), CUSTODIAN (+2.0%), NESTLE (+8.6%), and NB (+0.3%).
Outlook Investor sentiment, as measured by market breadth, improved to 0.01x (previously: -0.03x) as 30 stocks gained, 29 lost while 68 closed flat. Tomorrow, we expect the local bourse to return to the green territory due to the improved market sentiment, barring any negative shock.
Bearish outing marks NGX trading as ASI down 10bps
