Home Finance Bearish Run Continues… ASI down 0.5%

Bearish Run Continues… ASI down 0.5%

by Business News Report

Today, the bearish run continued on the local bourse on account of sell pressure on MTNN (-1.3%), GTCO (-3.9%), and ACCESSCORP (-4.5%). Consequently, the NGX ASI dipped 0.5% to 50,188.55 points, YTD return moderated to 17.5% (previously: 18.1%) while market capitalisation declined ₦136.9bn to ₦27.1tn. Meanwhile, activity level improved as volume and value traded rose 23.2% and 5.1% respectively to 192.4m units and ₦3.1bn.

Across sectors within our purview, performance was bearish as 5 indices lost while 1 gained. The Banking index led the laggards, down 2.3% on the back of selloffs in ACCESSCORP (-4.5%) and ZENITH (-1.9%). Trailing, the Insurance and Oil & Gas indices lost 1.1% apiece due to price depreciation in PRESTIGE (-10.0%), AIICO (-1.7%), OANDO (-4.2%), and ARDOVA (-8.1%). Likewise, losses in MTNN (-1.3%), CAP (-9.0%), and CUTIX (-9.8%) dragged the AFR-ICT and Industrial Goods indices lower by 0.5% and 4bps respectively. On the flip side, the Consumer Goodsindex gained 5bpsdriven by bargain hunting in NB (+0.4%) and NASCON (+0.9%).

Investor sentiment, as measured by market breadth, remained weak at -0.51x (previously: -0.52x) as3 stocksadvanced, 34 declined while 61 closed flat. Tomorrow, we expect the bears to dominate performance on the back of weak sentiment.

Market Cap (₦’bn) 

Market Cap ($’bn)                                               27,064.66

NGX All-Share Index                                                63.40

Daily Performance %                                         50,188.55

WTD Performance %                                                -0.50

MTD Performance %                                                -3.40                                                

QTD Performance %                                                -3.10                                           

YTD Performance %                                                -3.10

Daily Volume                                                           17.50

Daily Value (₦’bn)                                                 192.40

Daily Value ($’m)                                                      3.10                          

Sectoral Indices Performance

NGX 30                                                                      7.20

NGX BANKING INDEX                                         -0.60                                      

NGX INSURANCE INDEX                                     -2.30                                  

NGX CONSUMER GOODS INDEX                       -1.10                

NGX OIL/GAS                                                           0.05                

NGX LII                                                                    -1.10

NGX INDUSTRIAL GOODS INDEX                     -0.20

NGX-AseM                                                               -0.04

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