Home Stock Market Profit-taking persists at Nigerian equities market, ASI down 33bps

Profit-taking persists at Nigerian equities market, ASI down 33bps

by Business News Report

Today, sell-offs persisted in the local bourse as the All-Share Index slipped 33bps to settle at 25,497.32 points following sell-pressures in Banking stocks: GUARANTY (-6.2%), ZENITH (-2.3%) and UBN (-3.9%). Accordingly, market capitalisation fell by ₦44.3bn to ₦13.3tn while YTD loss worsened to -5.0%. Activity level varied as volume traded declined 0.8% to 252.0m units while value traded advanced 0.8% to ₦2.0bn. The most traded stocks by volume were CUSTODIAN (40.1m units), FBNH (28.2m units) and ZENITH (26.0m units) while ZENITH (₦444.8m), GUARANTY (₦206.6m) and CUSTODIAN (₦192.7m) led by value.

Performance was bullish across sectors as 5 of 6 indicators that we track gained, The Banking index closed south by 3.4%, dragged by price declines in  GUARANTY (-6.2%), ZENITH (-2.3%) and UBN (-3.9%). On the other hand, the AFR-ICT and Consumer Goods indices closed higher by 0.4% apiece due to buying interest in MTNN (+0.8%), NIGERIAN BREWERIES (+2.5%) and HONYFLOUR (+4.4%). In the same vein, the Insurance and Oil & Gas indices advanced 0.3% and 0.2% respectively, buoyed by gains in WAPIC (+3.0%) and OANDO (+1bps). Lastly, price appreciation in CAP (+2.7%) lifted the Industrial Goods index by 1bps.

Investor sentiment as measured by market breadth (advance/decline ratio) fell to 0.5x from the 1.1x recorded previously as 10 stocks gained against the 19 that declined. The top gainers were HONYFLOUR (+4.4%), TRANSCORP (+3.4%) and WAPIC (+3.0%) while ARBICO (-9.6%), ROYALEX (-9.1%) and GUARANTY (-6.2%) lost the most. We expect investors to take positions in fundamentally sound stocks in the subsequent trading session.

Market Statistics for Tuesday, 8th September 2020 

Market Cap (N’bn) 13,301.6
Market Cap (US$’bn) 34.5
NSE All-Share Index 25,497.32
Daily Performance % (0.3)
WTD Performance % (0.4)
MTD Performance % 0.7
QTD Performance % 3.3
YTD Performance % (5.0)
Daily Volume (Million) 252.0
Daily Value (N’bn) 2.0
Daily Value (US$’m) 5.2

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