Home Stock Market Investors lost N122.5bn as Nigerian Stock market nose dive

Investors lost N122.5bn as Nigerian Stock market nose dive

by Business News Report

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$’bn)52.5
NSE All-Share Index38,697.17
Daily Performance %(0.6)
WTD Performance %(1.6)
MTD Performance %(2.8)
QTD Performance %(3.9)
YTD Performance %(3.9)
Daily Volume (Million)169.4
Daily Value (N’bn)2.1
Daily Value (US$’m)5.5

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