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Bears reopen trading at stock market

by Business News Report

Today, sell-pressure on REDSTARE (-3.2%), CUTIX (-3.1%), and SCOA (-9.4%) dragged the local bourse to the red zone as the NGX All-Share Index fell 10bps to close at 38,906.42 points. Accordingly, YTD loss worsened to -3.4% while market capitalisation decreased ₦19.5bn to ₦20.3tn. Trading activity improved as volume and value traded rose 17.3% and 20.8% to 181.9m units and ₦2.3bn respectively. The most traded stocks by volume were EKOCORP (40.0m units), UBA (10.8m units), and TRANSCORP (9.7m units) while MTNN (₦752.7m), EKOCORP (₦231.6m), and GTCO (₦201.9m) led by value.

Across sectors within our scope, performance was mixed as 3 indices lost, 2 gained, while the AFR-ICT index closed flat. The Insurance index was the biggest loser, down 0.7% due to price depreciation in LINKASSURE (-6.6%) and WAPIC (-4.0%). In the same vein, the Banking and Consumer Goods indices fell 0.3% and 0.2% respectively on the back of sell-offs in ZENITH (-1.3%), UNITYBNK (-3.6%), UNILEVER (-2.2%), and HONYFLOUR (-2.5%). Meanwhile, the Industrial Goods and Oil & Gas indices  gained 0.1% apiece due to buying interest in WAPCO (+2.2%) and OANDO (+0.4%).

Investor sentiment, as measured by market breadth (advance/decline ratio), strengthened to 0.9x from 0.6x as 18 stocks advanced while 19 stocks declined. CHIPLC (+9.6%), CHAMS (+9.5%), and COURTVILLE (+6.9%) led the gainers while SCOA (-9.4%), VERITASKAP (-8.7%), and LINKASSURE (-6.6%) led the laggards. We expect to see positive performance in subsequent trading sessions, driven by buying interest as investor sentiment builds up.

Market Statistics for Monday, 20th September 2021 

Market Cap (N’bn)20,270.5
Market Cap (US$’bn)49.3
NSE All-Share Index38,906.42
Daily Performance %(0.1)
WTD Performance %(0.1)
MTD Performance %(0.8)
QTD Performance %2.6
YTD Performance %(3.4)
Daily Volume (Million)182.0
Daily Value (N’bn)2.4
Daily Value (US$’m)5.7

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