NGX stock trading extended its bearish sentiment as the NGX-ASI fell 40bps to 109,183.93 points following sell pressure on TRANSCORP (-4.4%), FIDELITY (-7.0%), and DANGSUGAR (-5.9%). Consequently, YTD return fell to 6.1% (previously 6.5%), while market capitalisation shed 40bps to N68.6tn. Activity level improved as volume and value traded rose 148.0% and 47.0% to 664.2m units and N13.0bn, respectively. Performance across our coverage sectors was negative as four indices lost, one gained, while the Oil & Gas index closed flat.
Leading the laggards, the Insurance and Consumer Goods indices fell 1.7% respectively following selloffs on MANSARD (-6.7%), LINKASSURE (-9.9%), DANGSUGAR (-5.9%), and NB (-4.7%). Following, the Banking and Industrial Goods indices lost 1.1% and 1bp accordingly, on the back of price downtick in FIDELITY (-7.0%), UBA (-1.9%), and CUTIX (-5.3%). The AFR-ICT index was the lone gainer, up 4bps due to buy interest in ETRANZACT (+7.9%) and DAAR (+4.7%).
Investor sentiment, as measured by market breadth, improved to -0.15x (previously: 0.01x) as 23 stocks gained, 34 lost while 71 closed flat. Tomorrow, we anticipate the bearish momentum to linger, driven by worsening investor sentiment.
Bulls tighten grip on the NGX stock market… ASI down 40bps
