The Nigerian equities market reversed the positive performance from the previous session as the NSE All-Share Index (ASI) fell 60bps to 38,697.17 points due to sell-offs in DANGCEM (-3.5%), ZENITH (-1.4%), and NIGERIAN BREWERIES (-1.4%). As a result, YTD loss worsened to -3.9% and market capitalisation declined by ₦122.5bn to ₦20.2tn. Trading activity waned as volume and value declined by 47.6% and 53.8% respectively to 169.4m units and ₦2.1bn. The most traded stocks by volume were AIICO (19.7m units), UBA (16.2m units), and ZENITH (11.5m units) while DANGCEM (₦550.8m), SEPLAT (₦299.5m), and GUARANTY (₦251.7m) led by value.
Performance across sectors was mixed as 3 of the 6 indices under our coverage appreciated. The Insurance index was the top gainer, up 0.7% due to bargain hunting in AIICO (+4.3%), NEM (+5.1%), and CHIPLC (+7.4%). Similarly, the Consumer Goods and Banking indices rose 0.4% and 1bp respectively following price appreciation in INTBREW (+9.9%), CHAMPION (+9.1%), GUARANTY (+0.8%), and ETI (+3.0%). Conversely, the Industrial Goods index was the lone laggard, down 1.7% due to sell-offs in DANGCEM (-3.5%). Lastly, the Oil & Gas and AFR-ICT indices closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 2.0x from the 1.1x recorded previously as 22 stocks advanced against 11 decliners. SMURFIT (+10.0%), INTBREW (+9.9%) and CHAMPION (+9.1%) were the top gainers while AFRINSURE (-8.3%), SOVRENINS (-7.1%) and MBENEFIT (-7.1%) were the top losers. We expect the equities market to close in the red for the week.
Market Statistics for Thursday, 11th March 2021
| Market Cap (N’bn) | 20,246.6 |
| Market Cap (US$’bn) | 52.5 |
| NSE All-Share Index | 38,697.17 |
| Daily Performance % | (0.6) |
| WTD Performance % | (1.6) |
| MTD Performance % | (2.8) |
| QTD Performance % | (3.9) |
| YTD Performance % | (3.9) |
| Daily Volume (Million) | 169.4 |
| Daily Value (N’bn) | 2.1 |
| Daily Value (US$’m) | 5.5 |
