Home Stock Market Nigerian Stock market records bearish outing… ASI dips 0.6%

Nigerian Stock market records bearish outing… ASI dips 0.6%

by Business News Report

Sell-offs in DANGCEM (-4.1%), ACCESS (-0.8%) and MANSARD (-8.2%) dragged the All-Share Index down 58bps to close at 24,883.70 points. Thus, market capitalisation fell ₦75.1bn to ₦13.0tn while YTD loss settled at 7.3%. Activity level improved as volume and value traded appreciated 17.5% and 73.6% to 206.0m units and ₦2.5bn respectively. The top traded stocks by volume were ACCESS (29.2m units), FIDELITY (27.8m units) and GUARANTY (25.3m units) while GUARANTY (₦625.6m), DANGCEM (₦368.5m) and ZENITH (₦257.8m) led by value.

Across sectors under our coverage, performance was mixed as 3 indices gained, 2 lost while the AFR-ICT index closed flat. The Banking and Consumer Goods indices advanced 0.5% and 1.0% respectively due to buying interest in GUARANTY (+1.0%), ETI (+2.5%), NIGERIAN BREWERIES (+6.3%) and CADBURY (+6.8%). Also, the Oil & Gas index gained 0.3% following price accretion in ARDOVA (+4.9%). Meanwhile, losses in MANSARD (-8.2%), CHIPLC (-9.8%), DANGCEM (-4.1%) and WAPCO (-0.4%) led to a 2.5% and 2.2% decline in the Insurance and Industrial Goods indices respectively. 

Investor sentiment as measured by market breadth (advance/decline ratio) waned to 0.9x from the 1.6x recorded previously as 16 stocks gained against the 17 decliners. The top gainers were CADBURY (+6.8%), NIGERIAN BREWERIES (+6.3%) and MBENEFIT (+5.0%) while PRESTIGE (-10.0%), IKEJAHOTEL (-9.8%) and CHIPLC (-9.8%) lost the most. We expect mixed performance in subsequent trading sessions as low stock prices presents bargain hunting opportunities.

Market Statistics for Tuesday, 11th August 2020 

Market Cap (N’bn) 12,980.8
Market Cap (US$’bn) 33.6
NSE All-Share Index 24,883.70
Daily Performance % (0.6)
WTD Performance % (0.6)
MTD Performance % 0.8
QTD Performance % 1.7
YTD Performance % (7.3)
Daily Volume (Million) 206.0
Daily Value (N’bn) 2.5
Daily Value (US$’m) 6.4

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