Price declines in ZENITH, ETI and FLOURMILL dragged performance in the Nigerian Stock market. Consequently, the benchmark index declined 5bps to 38,704.97 points, YTD loss worsened to -3.9% and market capitalisation declined ₦9.4 billion to ₦20.3 trillion. Trading activity improved as volume and value increased 48.0% and 96.0% respectively to 410.4m units and ₦6.0 billion. The most traded stocks by volume were DANGSUGAR (107.1m units), UBN (78.5m units) and TRANSCORP (31.6m units) while DANGSUGAR (₦1.8bn), GUARANTY (₦832.3m) and STANBIC (₦499.8m) led by value.
Across sectors that we cover, performance was bullish as 4 indicators gained. The Insurance index led the gainers, up 0.6% following price uptick in WAPIC (+10.0%) and MANSARD (+1.0%). Also, the Oil & Gas and Consumer Goods indices appreciated 0.3% and 0.1% respectively on the back of gains in OANDO (+1.6%) and NIGERIAN BREWERIES (+2.1%). Buying interest in MTNN (+0.1%) drove a 6bps gain in the AFR-ICT index. On the flip side, sell-offs in ZENITH (-2.2%) and ETI (-5.9%) pushed the Banking banking index lower by 0.7%. Lastly, the Industrial Goods index closed flat.
Investor sentiment, as measured by market breadth (advance/decline ratio), weakened to 1.0x from the 3.3x recorded previously as 19 stocks gained against 20 decliners. WAPIC (+10.0%), CAP (+10.0%) and NPFMCRFBK (+9.9%) were the top gainers while LIVESTOCK (-9.5%), CHAMS (-8.7%) and CORNERST (-6.7%) were the top decliners. We expect a mix of bargain-hunting and profit-taking in the local bourse in subsequent trading sessions.
Market Statistics for Tuesday, 23rd March 2021
| Market Cap (N’bn) | 20,250.6 |
| Market Cap (US$’bn) | 52.5 |
| NSE All-Share Index | 38,704.97 |
| Daily Performance % | 0.0 |
| WTD Performance % | 0.8 |
| MTD Performance % | (2.8) |
| QTD Performance % | (3.9) |
| YTD Performance % | (3.9) |
| Daily Volume (Million) | 410.4 |
| Daily Value (N’bn) | 6.0 |
| Daily Value (US$’m) | 15.5 |
