Local Bourse sustains losses… ASI down 11bps

Today, the domestic equities market sustained yesterday’s losses, due to sell pressure on ZENITH (-1.3%), ACCESS (-2.3%) and ETI (-1.9%) as the All-Share Index fell 11bps to 37,804.46 points. Consequently, YTD loss worsened to -6.1% while market capitalisation declined by ₦22.2bn to ₦19.7tn. Trading activity weakened as volume and value traded fell by 4.5% and 41.2% respectively to 208.4m units and ₦1.6bn. The most traded stocks by volume were ZENITH (33.7m units), ETRANZACT (21.0m units), and FIDELITY (13.7m units) while ZENITH (₦795.0m), FLOURMILL (₦106.2m), and ACCESS (₦75.1m) led by value.

Across sectors under our coverage, performance was bearish as 4 indices lost, 1 gained and 1 closed flat. The Banking and Insurance indices led laggards, down 0.8% and 0.5% respectively on the back of sell-offs  in ZENITH (-1.3%), ACCESS (-2.3%) and AIICO (-1.8%). Similarly, the Oil & Gas and AFR-ICT indices declined by 0.1% and 1bps respectively following price depreciation in OANDO (-1.4%) and ETRANZACT (-8.4%). Conversely, the Consumer Goods index inched higher by 0.2% due to buying interest in DANGSUGAR (+1.1%) and VITAFOAM (+4.8%). On the other hand, the Industrial goods index closed flat.

Investors sentiment, as measured by market breadth (advance/decline ratio), weakened to 0.5x from 0.8x recorded in the last trading session as 11 stocks advanced while 23 stocks declined. FTNCOCOA (+10.0%), IKEJAHOTEL (+9.9%), and CORNERST (+9.8%) led gainers while ROYALEX (-10.0%), JAPAULGO (-9.8%), and UPL (-9.5%) led decliners. In the next trading session, we expect the domestic bourse to extend bearish performance in the absence of any positive catalyst.

Market Statistics for Wednesday, 23rd June 2021