Home Stock Market Nigerian Stock market extends losses… ASI down 4bps

Nigerian Stock market extends losses… ASI down 4bps

by Business News Report

At the close of trade, the domestic equities market fell marginally by 4bps to close at 35,029.82 points due to sell-offs in FBNH (-0.7%), UBA (-0.6%) and ARDOVA (-8.7%). Consequently, investors lost ₦6.5bn as market capitalisation declined to ₦18.3tn while YTD return moderated to 30.5%. Activity level was mixed as volume traded fell 8.0% to 283.1m units while value traded rose 4.5% to ₦3.4bn. The most traded stocks by volume were FBNH (40.8m units), GUARANTY (32.7m units) and AIICO (30.1m units) while GUARANTY (₦1.1bn), ZENITH (₦698.1m) and DANGCEM (₦308.7m) led by value.

Performance across sectors was weak as 4 of the 6 indices under our coverage declined while the Industrial Goods and AFR-ICT indices closed flat. The Insurance index led laggards, down 1.0% due to sell-offs in CORNERSTONE (-3.3%), MANSARD (-0.9%) and AIICO (-0.9%). Similarly, the Oil & Gas and Banking indices declined 0.4% and 0.1% respectively following price depreciation in ARDOVA (-8.7%), FBNH (-0.7%) and UBA (-0.6%). Likewise, losses in CHAMPION (-8.2%) dragged the Consumer Goods index 3bps lower.

Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.6x from the 0.8x recorded in the previous session as 13 stocks gained against the 21 that declined. FTNCOCOA (+8.8%), UNIONDAC (+8.0%) and CHAMS (+4.8%) led the gainers while ROYALEX (-8.7%), ARDOVA (-8.7%) and MBENEFIT (-8.3%) led  the decliners. We expect profit-taking in the next trading session as investor sentiment remains weak.

Market Statistics for Wednesday, 9th December 2020 

Market Cap (N’bn) 18,304.2
Market Cap (US$’bn) 47.4
NSE All-Share Index 35,021.26
Daily Performance % 0.0
WTD Performance % (0.3)
MTD Performance % (0.1)
QTD Performance % 30.5
YTD Performance % 30.5
Daily Volume (Million) 283.1
Daily Value (N’bn) 3.4
Daily Value (US$’m) 8.9

Source: Afrinvest

Related Posts