Home Finance Bears halt positive momentum at stock market, ASI down 0.7%

Bears halt positive momentum at stock market, ASI down 0.7%

by Business News Report

Today, the local bourse opened the week on a bearish note on the back of profit taking in MTNN (-2.9%), NESTLE (-5.1%), and FBNH (-7.5%). Accordingly, the All-Share index fell 71bps to 41,144.67 points while market capitalisation contracted by ₦153.2bn to ₦21.5tn. Meanwhile, YTD return moderated to 2.2%. Trading activity weakened as volume and value traded declined by 53.5% and 52.4% respectively to 338.7m units and ₦4.1bn. The most traded stocks by volume were FBNH (67.6m units), ACCESS (36.6m units), and TRANSCORP (26.5m units) while FBNH (₦832.8m), GTCO (₦755.2m), and ACCESS (₦351.2m) led by value.

Performance across sectors within our coverage was bearish as 4 indices lost while 2 indices gained. The Insurance and Consumer Goods indices led the laggards, down 2.5% and 1.7% respectively due to sell pressure on AIICO (-5.3%), WAPIC (-4.0%), NESTLE (-5.1%), and DANGSUGAR (-0.3%). Similarly, the AFR-ICT and Oil & Gas indices lost 1.6% and 0.3% respectively as investors sold off MTNN (-2.9%) and OANDO (-1.5%). On the flip side, the Banking and Industrial Goods indices appreciated by 0.4% and 0.3% respectively as a result of buying interest in STANBIC (+1.3%), ZENITH (+0.6%), BUACEMENT (+0.5%), and WAPCO (+2.7%).

Investor sentiment, as measured by market breadth (advance/decline ratio), weakened to 0.9x from 3.8x as 18 stocks advanced against 21 declining stocks. IKEJAHOTEL (+9.5%), CUSTODIAN (+7.5%), and HONYFLOUR (+6.5%) led the gainers while MAYBAKER (-8.0%), ROYALEX (-7.8%), and NPFMCRFBK (-7.6%) led the losers. We expect the market to rebound in the next trading session as investors position for the earnings season.

Market Statistics for Monday, 18th October 2021 

Market Cap (N’bn)21,471.8
Market Cap (US$’bn)52.2
NSE All-Share Index41,144.67
Daily Performance %(0.7)
WTD Performance %(0.7)
MTD Performance %2.3
QTD Performance %2.3
YTD Performance %2.2
Daily Volume (Million)338.7
Daily Value (N’bn)4.1
Daily Value (US$’m)9.9

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