Equities Market extends losses… ASI down 17bps

Sell-offs in MTNN (-0.8%), STANBIC (-3.5%) and GUINNESS (-6.5%) dragged the All-Share Index (ASI) down 17bps to 26,944.32 points. Hence, market capitalisation shed N22.3bn to settle at N13.0tn while YTD loss worsened to -14.3%. Activity level was however mixed as volume traded declined 23.3% to 189.0m units while value traded advanced by 18.3% to N2.9bn. The Banking stocks – FCMB (97.8m units), ZENITH (21.8m units) and FBNH (15.2m units) – led the top trades by volume while NIGERIAN BREWERIES (N614.9M), ZENITH (N406.8m) and DANGCEM (N352.6m) were the top traded stocks by value.

Performance across sectors was bearish as 3 of 6 indices under our coverage closed in the red. The Banking and Consumer Goods indices appreciated, up 0.4% and 0.1% respectively, due to gains in ZENITH (+1.1%), ACCESS (+1.1%), UNILEVER (+4.2%) and FLOURMILLS (+4.1%). Conversely, the Insurance and Industrial Goods indices fell 0.4% and 0.3% respectively, following declines in NEM (-5.0%), LAWUNION (-8.5%), WAPCO (-1.1%) and CAP (-1.2%). Likewise, losses in MTNN (-0.8%) drove a 0.4% depreciation in the AFR-ICT index. Lastly, the Oil & Gas index remained unchanged.

Investor sentiment as measured by market breadth (advance/decline ratio) was unchanged at 0.7x recorded yesterday as 13 stocks advanced against 19 decliners. UNILEVER (+9.9%), LAWUNION (+9.2%) and CHAMS (+8.6%) were the top performing stocks while SOVERENINS (-9.1%), UACN (-8.7%) and UNITYBANK (-8.5%) led laggards. We maintain a bearish outlook on the market in the near term as investors’ book profit following gains in the prior weeks.

Market Statistics Tuesday, 3rd December 2019

Market Cap (N’bn) 13,004.7
Market Cap (US$’bn) 36.1
NSE All-Share Index 26,944.32
Daily Performance % (0.2)
1 Week Performance % 0.2
MTD Performance % (0.2)
QTD Performance % (2.5)
YTD Performance % (14.3)
Daily Volume (Million) 189.0
Daily Value (N’bn) 2.9
Daily Value (US$’m) 8.0

Source: Afrinvest

Categories: Finance,News,Stock Market

Comments are closed