Nigerian Stock market capitalisation drops by N65.8bn

Today, the local bourse recorded a negative performance due to sell-offs in MTNN (-1.8%), GTCO (-1.2%), and ACCESS (-1.1%) as the All-Share index declined by 32bps to 38,801.51 points. Consequently, YTD loss worsened to -3.6% while market capitalisation fell by ₦65.8bn to ₦20.2tn. Trading activity was mixed as volume traded fell by 32.2% to 139.8m units while value traded rose by 31.7% to ₦1.4bn. The most traded stocks by volume were UBA (16.4m units), GTCO (13.0m units), and ZENITH (11.9m units) while GTCO (₦364.9m), ZENITH (₦291.6m), and UBA (₦123.5m) led by value.

Performance across sectors under our coverage was mixed as 3 indices lost while 3 gained. The AFR-ICT index led the losers, down 1.0% due to sell-offs in MTNN (-1.8%). Followed by the Banking and Oil & Gas indices which fell by 30bps and 4bps respectively due to price depreciation in ACCESS (-1.1%), GTCO (-1.2%), OANDO (-0.2%), and ARDOVA (-6.3%). On the flip side, the Consumer Goods index led gainers, up 0.3% due to gains in DANGSUGAR (+1.4%), UNILEVER (+0.7%), and HONYFLOUR (3.9%). Similarly, the Insurance and Industrial Goods indices advanced by 25bps and 4bps respectively, on the back of bargain hunting in MBENEFIT (+5.6%), SOVRENINS (+7.7%), and WAPCO (+0.7%). 

Investors sentiment, as measured by market breadth (advance/decline ratio), strengthened to 1.2x from 0.9x recorded in the last trading session as 18 stocks advanced while 15 stocks declined. CONOIL (+10.0%), CHIIPLC (+8.9%), and SOVRENINS (+7.7%) led gainers while ARDOVA (-6.2%), VERITASKAP (-4.0%), and AIICO (-2.1%) led decliners. In the final trading session, we anticipate that the negative sentiment would persists on the back of profit-taking activities.

Market Statistics for Thursday, 5th August 2021 

Market Statistics for Thursday, 5th August 2021 

Afrinvest