Today, sell-offs in financial services stocks – ACCESS (-3.4%), UCAP (-5.0%), and UBA (-0.6%) – further dragged the market as the All-Share Index slid 5bps to close at 38,852.69 points. Accordingly, YTD loss was unchanged at -3.5% while market capitalisation decreased ₦11.0bn to ₦20.2tn. Trading activity declined as volume and value traded fell 15.8% and 35.6% respectively to 155.4m units and ₦1.5bn. The most traded stocks by volume were UNIVINSURE (19.0m units), UBA (18.8m units), and ZENITH (11.8m units) while GTCO (₦271.3m), ZENITH (₦268.8m), and UBA (₦143.1m) led by value.
Performance was mixed across the sectors that we cover as 3 indices gained, 2 lost, while the AFR-ICT index remained flat. Leading the gainers, the Insurance index advanced 1.2% on the back of price appreciation in NEM (+5.3%) and AIICO (+1.0%). Similarly, the Oil & Gas and Industrial Goods indices rose 0.5% and 1bp respectively due to buying interest in CONOIL (+9.8%) and WAPCO (+0.2%). Conversely, the Banking and Consumer Goods indices were the losers, down 83bps and 2bps respectively as investors sold off stakes in ACCESS (-3.4%), UBA (-0.6%), and VITAFOAM (-2.0%).
Investor sentiment, as measured by market breadth (advance/decline ratio), waned to 0.7x from 1.2x as 12 stocks advanced while 17 stocks declined. TRANSCOHOT (+10.0%), PHARMDEKO (+9.9%), and CONOIL (+9.8%) led the gainers while VERITASKAP (-8.7%), UCAP (-5.0%), and CHAMS (-4.5%) led the laggards. In the next trading session, we do not anticipate reversal of the bearish performance as the market remains short of positive catalyst.
Market Statistics for Wednesday, 22nd September 2021
| Market Cap (N’bn) | 20,242.5 |
| Market Cap (US$’bn) | 49.3 |
| NSE All-Share Index | 38,852.69 |
| Daily Performance % | (0.1) |
| WTD Performance % | (0.2) |
| MTD Performance % | (0.9) |
| QTD Performance % | 2.5 |
| YTD Performance % | (3.5) |
| Daily Volume (Million) | 155.4 |
| Daily Value (N’bn) | 1.5 |
| Daily Value (US$’m) | 3.7 |
