Home Stock Market DANGCEM, Nestle, others drag down market index, investors lost N425.2bn

DANGCEM, Nestle, others drag down market index, investors lost N425.2bn

by Business News Report

The bloodbath continued in today’s trading session as price decline in DANGCEM (-10.0%), NESTLE (-10.0%) and ZENITH (-7.7%) dragged the All-Share index down to 23,572.75 points. As a result, investors lost ₦425.2bn as market capitalisation fell to ₦12.3tn while the YTD loss worsened to -12.2%. Activity level surged as volume and value traded rose 134.0% and 319.4% to 1.4bn units and ₦17.6bn respectively. The most actively traded stocks by volume were ZENITH (412.4m units), GUARANTY (385.2m units) and FBNH (303.0m units) while GUARANTY (₦7.2bn), ZENITH (₦5.1bn) and NESTLE (₦1.8bn) led by value.

Performance across sector was bearish as 4 of 6 indices under our coverage closed negative. The Insurance index gained 2.2%, driven by buying interest in MANSARD (+7.7%), CORNERSTONE (+8.9%) and AIICO (+7.4%). Conversely, the Consumer (-4.7%) and Industrial Goods (-3.4%) indices led the laggards, following sell-offs in NESTLE (-10.0%), NASCON (-9.8%) and DANGCEM (-10.0%). Similarly, the Banking and Oil & Gas indices lost 2.7% and 0.7% respectively, trailing price depreciation in ZENITH (-10.0%), ACCESS (-6.5%) and OANDO (-4.1%). Lastly, the AFR-ICT index closed flat.

Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.9x from the 0.1x recorded in yesterday’s trading session as 18 stocks advanced against 20 that declined. The best performing stocks were CHAMS (+10.0%), COURTVILLE (+10.0%) and FCMB (+9.9%) while NESTLE (-10.0%), DANGCEM (-10.0%) and STERLING (-9.9%) were the worst performers. We maintain a bearish outlook on the equities market in the next trading session.

Market Statistics for Wednesday, 11th March 2020 

Market Cap (N’bn) 12,284.3
Market Cap (US$’bn) 34.1
NSE All-Share Index 23,572.75
Daily Performance % (3.4)
WTD Performance % (10.3)
MTD Performance % (10.1)
QTD Performance % (12.2)
YTD Performance % (12.2)
Daily Volume (Million) 1,391.5
Daily Value (N’bn) 17.6
Daily Value (US$’m) 49.0

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