The local bourse began the new month in the red as profit-taking in MTNN (-10.0%), ACCESS (-5.3%), and ETI (-1.8%) dragged the benchmark index below the 43,000 points mark. Thus, the NGXASI shed 1.8% to close at 42,463.16 points. YTD return fell 200bps to 5.4% while market capitalisation shed ₦409.6bn to ₦22.2tn. Trading activity was mixed as volume traded rose 49.2% to 335.5m units while value traded fell 4.2% to ₦3.6bn. FBNH (134.0m units), UNIVINSURE (36.2m units), and ZENITH (18.3m units) led activity by volume while FBNH (₦1.6bn), ZENITH (₦440.1m), and GTCO (₦334.8m) led by value.
Across our sector coverage, performance was bearish as 4 indices lost while 2 indices gained. The Insurance and Industrial Goods indices were the gainers, up 77bps and 4bps respectively on account of buying interest in MANSARD (+7.6%), CORNERST (+7.7%), and WAPCO (+0.6%). On the flip side, the AFR-ICT and Banking indices recorded losses, down 5.2% and 1.2% respectively due to profit-taking in MTNN (-10.0%), ACCESS (-5.3%), and ETI (-1.8%). Trailing, the Consumer Goods and Oil & Gas indices fell 14bps and 12bps respectively driven by sell pressure on INTBREW (-2.1%), FLOURMILL (-0.9%), and OANDO (-0.6%).
Investor sentiment, as measured by market breadth (advance/decline ratio), improved to 0.7x from 0.5x as 15 stocks advanced while 23 stocks declined. CORNERST (+7.7%), MANSARD (+7.5%), and CHAMS (+5.0%) led gainers while MTNN (-10.0%), AFRIPRUD (-7.7%), and UPDC (-7.5%) led decliners. In the next trading session, we anticipate a modest recovery in the market as investors take advantage of bargain opportunities.
Market Statistics for Wednesday, 1st December 2021
| Market Cap (N’bn) | 22,157.2 |
| Market Cap (US$’bn) | 53.9 |
| NGX All-Share Index | 42,463.16 |
| Daily Performance % | (1.8) |
| WTD Performance % | (2.0) |
| MTD Performance % | 1.0 |
| QTD Performance % | 5.6 |
| YTD Performance % | 5.4 |
| Daily Volume (Million) | 335.5 |
| Daily Value (N’bn) | 3.6 |
| Daily Value (US$’m) | 8.6 |
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