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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