Home Stock Market Sell-offs in Bellwethers drag equities performance… ASI down 1.4%

Sell-offs in Bellwethers drag equities performance… ASI down 1.4%

by Business News Report

At the close of trade today, sell pressures in DANGCEM (-3.3%), BUACEMENT (-5.3%) and NESTLE (-6.7%) weighed on the All-Share Index, depreciating 136bps to close at 22,470.79 points. Consequently, market capitalisation shed ₦161.3bn to settle at ₦11.7tn while YTD loss worsened to -16.3%. Activity level rose as volume and value traded advanced 8.2% and 81.3% respectively to 201.5m units and ₦3.4bn. The top traded stocks by volume were ACCESS (46.8m units), FBNH (32.6m units) and ZENITH (19.4m units) while NESTLE (₦1.6bn), DANGCEM (₦297.4m) and ACCESS (₦297.3m) led by value.

Sector performance was bearish as 4 of 6 indices under our coverage declined save the Banking index which emerged as the lone gainer and the AFR-ICT index which closed flat. The Industrial (-3.8%) and Consumer Goods (-3.3%) indices lost the most, owing to sell-offs in BUACEMENT (-5.3%), DANGCEM (-3.3%) and NESTLE (-6.7%) respectively. The Oil & Gas (-0.2%) and Insurance (-0.1%) indices trailed, due to price declines in ARDOVA (-4.5%) and LINKASSURE (-8.8%) respectively. On the flip side, gains in GUARANTY (+1.6%), ZENITH (+1.1%) and ACCESS (+1.6%) buoyed a slight increase in the Banking index (0.7%). 

Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 1.2x from the 6.3x recorded in the previous session as 17 stocks advanced against 14 decliners. The best performing stocks were JAIZBANK (+10.0%), CADBURY (+9.5%) and WEMA (+9.1%) while ETI (-10.0%), UACN (-10.0%) and LINKASSURE (-8.6%) lost the most. In line with current events shaping economic and business activities, we also foresee the Q1:2020 corporate earnings release to partly influence investor sentiment in the near term. 

Corporate Action

Wema Bank Plc (Audited FY:2019 Result): Gross Earnings grew impressively by 32.7% Y-o-Y to ₦94.9bn from ₦71.5bn in FY:2018 while PAT spiked 56.3% Y-o-Y to ₦5.2bn from ₦3.3bn in FY:2018.

Market Statistics for Thursday, 23rd April 2020 

Market Cap (N’bn) 11,710.7
Market Cap (US$’bn) 32.5
NSE All-Share Index 22,470.79
Daily Performance % (1.4)
WTD Performance % (2.0)
MTD Performance % 5.5
QTD Performance % 5.5
YTD Performance % (16.3)
Daily Volume (Million) 201.5
Daily Value (N’bn) 3.4
Daily Value (US$’m) 9.3

Source: Afrinvest

Related Posts