Home Finance Profit taking drives the Stock market South… ASI down 9bps 

Profit taking drives the Stock market South… ASI down 9bps 

by Business News Report

The domestic equities market kicked off the week on a negative note on the back of profit-taking in INTBREW (-4.0%), ZENITH (-0.6%), and FBNH (-0.8%), as such the benchmark index shed 9bps to 43,270.94 points. Consequently, the YTD return moderated to 7.5% while market capitalisation shed ₦19.5bn to ₦22.6tn. Trading activity weakened as volume and value traded fell 30.2% and 34.1% respectively to 213.1m units and ₦2.4bn. FCMB (58.5m units), AIICO (13.5m units), and ZENITH (12.8m units) led activity by volume while AIRTELAF (₦679.8m), GTCO (₦309.7m), and ZENITH (₦308.7m) led by value.

Across our sector coverage, performance was mixed albeit negatively skewed as 3 indices lost, 1 index gained, while the Industrial Goods and AFR-ICT indices closed flat. The Insurance index was the lone gainer, up 82bps following bargain hunting in AIICO (+8.6%) and VERITASKAP (+4.8%). On the flip side, the Oil & Gas index led the laggards, down 56bps on account of sell pressure on OANDO (-2.3%). Trailing, the Banking and Consumer Goods indices shed 23bps and 18bps respectively due to profit-taking in ZENITH (-0.6%), FBNH (-0.8%), INTBREW (-4.0%), and FLOURMILL (-0.3%). 

Investor sentiment, as measured by market breadth (advance/decline ratio), weakened to 0.6x from 0.8x as 13 stocks advanced while 21 stocks declined. AIICO (+8.6%), VERITASKAP (+4.8%), and ABCTRANS (+3.0%) led gainers while UPDC (-9.9%), UPDCREDIT (-9.9%), and CHIPLC (-7.3%) led decliners. We anticipate a mixed market performance in the next trading session due to the weak investor sentiment.

Market Statistics for Monday, 29th November 2021 

Market Cap (N’bn)22,578.7
Market Cap (US$’bn)54.9
NGX All-Share Index43,270.94
Daily Performance %(0.1)
WTD Performance %(0.1)
MTD Performance %2.9
QTD Performance %7.6
YTD Performance %7.5
Daily Volume (Million)213.1
Daily Value (N’bn)2.4
Daily Value (US$’m)5.7

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