Home Stock Market Nigerian Stock market starts week bearish, investors lost N7.5bn

Nigerian Stock market starts week bearish, investors lost N7.5bn

by Business News Report

The week started off on a bearish note as the All-Share Index declined 6bps to close at 25,027.61 points due to sell-offs in BUACEMENT (-1.4%), ETI (-4.7%) and UBA (-1.5%). Consequently, market capitalisation fell ₦7.5bn to ₦13.1tn while YTD loss settled at 6.8%. Activity level was mixed as volume traded advanced 4.8% to 175.2m units while value traded dipped 28.9% to ₦1.4bn. The top traded stocks by volume were FBNH (22.9m units), UNILEVER (17.2m units) and GUARANTY (14.0m units) while GUARANTY (₦344.3m), UNILEVER (₦206.4m) and MTNN (₦129.1m) led by value.

Performance across sectors was bullish as 3 of 6 indices under our coverage returned positive while AFR-ICT index closed flat. The Insurance and Consumer Goods indices rose 1.0% and 0.3% respectively following price appreciation in CORNERSTONE (+9.1%), SUNUASSURE (+5.0%), UNILEVER (+7.1%) and GUINNESS (+6.4%). Similarly, the Oil & Gas index advanced 0.1% due to buying interest in OANDO (+0.9%). Conversely, the Industrial Goods index led laggards, down 0.4% due to sell pressure in BUACEMENT (-1.4%) while price declines in ETI (-4.7%) and UBA (-1.5%) dragged the Banking index 4bps lower. 

Investor sentiment as measured by market breadth (advance/decline ratio) waned to 1.6x from the 4.4x recorded previously as 18 stocks gainers against the 11 losers. The top gainers were CORNERSTONE (+9.1%), UNILEVER (+7.1%) and UCAP (+6.9%) while CHAMPION (-9.5%), HONYFLOUR (-8.6%) and UACN (-4.8%) lost the most. We expect mixed performance this week as investors may take profit following last week’s bullish run.

Market Statistics for Monday, 10th August 2020 

Market Cap (N’bn) 13,055.9
Market Cap (US$’bn) 33.8
NSE All-Share Index 25,027.61
Daily Performance % (0.1)
WTD Performance % (0.1)
MTD Performance % 1.4
QTD Performance % 2.2
YTD Performance % (6.8)
Daily Volume (Million) 175.2
Daily Value (N’bn) 1.4
Daily Value (US$’m) 3.7

Source: Afrinvest

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