In tandem with our expectations, the market maintained a bearish performance today due to profit-taking in MTNN (-7.6%), DANGCEM (-1.0%), and GUINNESS (-10.0%) as the NGX-ASI plunged 1.8% to 51,949.64 points – the steepest decline since March 2021. Accordingly, YTD return fell to 21.6% (previously 23.9%) while market capitalisation lost ₦518.5bn to ₦28.0tn. Trading activity surged as volume and value traded rose 173.5% and 149.8% to 720.1m units and ₦8.9bn respectively.
Performance of the sectors within our purview was bearish as all indices lost. The AFR-ICT and Consumer Goods indices lost the most, down 3.6% and 1.2% respectively due to price decline in MTNN (-7.6%), GUINNESS (- 10.0%), and INTBREW (-2.4%). Trailing, the Insurance and Industrial Goods indices lost 1.1% and 0.6% accordingly, owing to losses in MANSARD (-9.7%), MBENEFIT (-9.7%), DANGCEM (-1.0%), and WAPCO (-1.4%). In a similar trend, sell-pressure on UBN (-2.3%), ZENITH (-0.2%), ARDOVA (-6.0%), and OANDO (-0.8%) pulled the Banking and Oil & Gas indices down 0.4% and 0.3% sequentially.
Investor sentiment, as measured by market breadth, weakened to -0.38x from -0.03x as 17 stocks gained, 39 lost while 58 closed flat. Tomorrow, we expect losses to trim due to bargain hunting opportunities. In line with our expectations, the Monetary Policy Committee (MPC) of the CBN today raised the Monetary Policy Rate (MPR) by 150bps to 13.0% and held other parameters constant. The decision to raise MPR, for the first time since July 2016, was necessitated by the need to curb spiralling inflation in domestic market, contain liquidity flux from pre-election spending, and match up with the hawkish tilt by global systemic banks.
Market Cap (₦’bn) 28,006.56
Market Cap ($’bn) 67.1
NGX All-Share Index 51,949.64
Daily Performance % -1.8%
WTD Performance % -1.9%
MTD Performance % 4.7%
QTD Performance % 10.6%
YTD Performance % 21.6%
Daily Volume 720.2
Daily Value (₦’bn) 8.9
Daily Value ($’m) 21.2
Sectoral Indices Performance
NGX 30 -2.4%
NGX BANKING INDEX -0.4%
NGX INSURANCE INDEX -1.1%
NGX CONSUMER GOODS INDEX -1.2%
NGX OIL/GAS -0.3%
NGX LII -2.7%
NGX INDUSTRIAL GOODS INDEX -0.6%
NGX-AseM 0.0%
