Home Finance Equities Market sustains negative performance… ASI Down 0.4%

Equities Market sustains negative performance… ASI Down 0.4%

by Business News Report

The equities market sustained its bearish trend following price depreciation in ZENITH (-3.5%), DANGSUGAR (-9.8%) and GUARANTY (-1.4%) which dragged the All-Share Index (ASI) down 35bps to 28,432.27 points. Consequently, market capitalisation fell ₦52.1bn to ₦14.7tn as YTD return worsened to 5.9%. Activity level was mixed as volume traded rose 3.4% to 254.9m units while value traded decreased 3.1% to ₦3.0bn. The top traded stocks by volume were ZENITH (68.5m units), FBNH (32.7m units) and ACCESS (28.8m units) while ZENITH (₦1.3bn), GUARANTY (₦384.7m) and ACCESS (₦259.5m) led by value.

Sector performance was poor as all indices under our coverage lost save the AFR-ICT index which closed flat. The Banking index led the bears with a 1.1% loss as a result of sustained sell-offs in ZENITH (-3.5%), GUARANTY (-1.4%) and FBNH (-1.7%). Similarly, the Industrial Goods (-8bps) and Insurance (-65bps) indices trailed on the back of losses in CAP (-9.6%) as well as NEM (-10.0%) and CHIPLC (-5.7%). Price weakness in DANGSUGAR (-9.8%) and OANDO (-1.4%) dragged the Consumer Goods and Oil & Gas indices 82bps and 18bps lower respectively.

Investor sentiment as measured by market breadth (advance/decline ratio) remained unchanged at 0.3x as 7 stocks gained as opposed to 23 losers. The best performing stocks for the day were WAPIC (+10.0%), UBN (+10.0%) and LAWUNION (+9.1%) while NEM (-10.0%), ROYALEX (-10.0%) and DANGSUGAR (-9.8%) lost the most. For the rest of the week, we expect corporate earnings release to dictate the direction of the equities market.

Market Statistics for Tuesday, 4th February 2020 

Market Cap (N’bn) 13,645.3
Market Cap (US$’bn) 40.7
NSE All-Share Index 28,432.27
Daily Performance % (0.4)
W/W Performance % (0.4)
MTD Performance % (0.4)
QTD Performance % 5.9
YTD Performance % 5.9
Daily Volume (Million) 254.9
Daily Value (N’bn) 3.0
Daily Value (US$’m) 8.5

Source: Afrinvest

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