Sell pressures in ZENITH (-0.8%), GUARANTY (-0.5%), and INTBREW (-2.6%) dragged the benchmark index lower by 13bps to 41,510.16 points, extending the previous day’s loss. As a result, the YTD return further declined to 3.1% while market capitalisation fell by ₦28.3bn to settle at ₦21.7tn. Activity level was mixed as volume traded fell 10.1% to 305.9m units while value traded rose 49.7% to ₦4.0bn. The most traded stocks by volume were FBNH (47.8m units), GUINNESS (37.2m units) and RTBRISCOE (26.8m units) while GUINNESS (₦732.3m), ZENITH (₦651.0m) and MTNN (₦521.2m) led by value.
Performance across sectors under our coverage was largely bearish as 5 of 6 indices closed in the red, save the AFR-ICT index which closed flat. The Insurance and Banking indices lost 1.7% and 0.5% respectively due to sell pressures in NEM (-9.2%), MANSARD (-2.3%), ZENITH (-0.8%) and GUARANTY (-0.5%). Similarly, sell-offs in INTBREW (-2.6%), DANGSUGAR (-1.8%), ARDOVA (-5.8%) and JAPAULGO (-8.9%) dragged the Consumer Goods and Oil & Gas indices lower by 0.3% apiece. The Industrial Goods index declined 4bps due to profit-taking in WAPCO (-0.6%).
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 1.0x from the 1.3x recorded previously as 23 stocks gained against 22 losers. MORISON (+10.0%), LINKASSURE (+10.0%) and RTBRISCOE (+10.0%) were the top gainers while NNFM (-9.9%), NEM (-9.2%) and NIGERINS (-9.1%) were the top losers. In the next trading session, we expect to see investors take position in bellwether stocks. However, trades might be influenced by the direction of yields in the fixed income market.
Market Statistics for Tuesday, 9th February 2021
|Market Cap (N’bn)||21,715.8|
|Market Cap (US$’bn)||56.3|
|NSE All-Share Index||41,510.16|
|Daily Performance %||(0.1)|
|WTD Performance %||(0.5)|
|MTD Performance %||(2.1)|
|QTD Performance %||3.1|
|YTD Performance %||3.1|
|Daily Volume (Million)||305.9|
|Daily Value (N’bn)||4.0|
|Daily Value (US$’m)||10.2|