Home Finance Sell-offs continue at Nigerian Stock market, ASI down 7bps

Sell-offs continue at Nigerian Stock market, ASI down 7bps

by Business News Report

The domestic bourse recorded a bearish performance today as the benchmark index declined 7bps to 40,465.32 points on the back of sell-offs in BUACEMENT (-1.8%), ACCESS (-1.8%), and BETAGLASS (-7.8%). Consequently, the YTD return declined to 0.5% while market capitalisation inched lower by ₦15.2bn to settle at ₦21.2tn. Activity level waned as volume and value traded declined 31.5% and 54.0% respectively to 244.2m units and ₦2.7bn. The most traded stocks by volume were FBNH (52.3m units), TRANSCORP (24.8m units) and GUARANTY (16.5m units) while MTNN (₦557.1m), GUARANTY (₦512.5m) and FBNH (₦381.5m) led by value.

Performance across sectors was mixed as 3 of 6 indices under our coverage closed lower. The Industrial Goods and Banking indices lost the most, down 0.8% and 0.2% respectively due to declines in BUACEMENT (-1.8%), ACCESS (-1.8%) and FCMB (-3.0%). Similarly, the Consumer Goods index inched lower by 7bps as a result of losses in GUINNESS (-3.4%) and ZENITH (-0.6%). On the flip side, the Insurance and AFR-ICT indices appreciated 1.9% and 0.5% respectively as CORNERST (+9.3%), WAPIC (+7.3%) and MTNN (+0.9%) ticked higher. Lastly, the Oil & Gas index appreciated 0.2% due to gains in OANDO (+2.7%).

Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.8x from the 1.1x recorded previously as 17 stocks gained against 22 losers. JBERGER (+9.7%), HONYFLOUR (+9.6%) and CORNERST (+9.3%) were the top gainers while BETAGLASS (-9.7%), FIDSON (-8.5%) and CHIPLC (-7.9%) were the top losers. We believe bargain hunting would boost the performance of the market this week as prices remain attractive.

Market Statistics for Wednesday, 17th February 2021 

Market Cap (N’bn)21,169.2
Market Cap (US$’bn)54.8
NSE All-Share Index40,465.32
Daily Performance %(0.1)
WTD Performance %0.1
MTD Performance %(4.6)
QTD Performance %0.5
YTD Performance %0.5
Daily Volume (Million)244.2
Daily Value (N’bn)2.7
Daily Value (US$’m)6.9

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