The local bourse shed 78bps to settle at 31,969.8 points on account of sell offs in market bellwethers – DANGCEM (-1.7%), GUARANTY (-3.0%) and ETI (- 3.1%) – in today’s trading session. As a result, market capitalisation fell by N92.2 billion to N11.7 trillion while YTD loss worsened to -16.4 per cent. However, activity level improved as volume and value traded advanced 60.5 per cent and 95.0 per cent to 237.8 million units and N3.5 billion respectively. OANDO (58.6m units), ZENITH (24.0m units) and FCMB (21.6m units) were the top traded stocks by volume while the top traded stocks by value were GUARANTY (759.6m), ZENITH (N577.6bn) and STANBIC (N477.4bn).
Performance across sectors was largely bullish as 3 of 5 indices under our coverage closed in the green. The Oil & Gas and Insurance indices advanced 1.1 per cent and 0.3 per cent respectively on account of buy interests in MOBIL (+10.0%) and PRESTIGE (+9.8%). The Consumer Goods index trailed, appreciating by 0.2 per cent as a result of gains in INTBREW (+1.8%) and FLOURMILL (+3.3%). On the flip side, the Industrial Goods index shed 2.6 per cent following sell-offs in DANGCEM (-1.7%) and WAPCO (-6.3%) while the Banking index declined by 1.6 per cent on the back of losses in GUARANTY (-3.0%) and ETI (-3.1%).
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.4x from 5.2x recorded in the last trading session as 10 stocks appreciated against 22 decliners. The best performing stocks were MOBIL (+10.0%), PRESTIGE (+9.9%) and UNIONDAC (+8.7%) while UNITY (-8.6%%), JAIZBANK (-8.2%) and WAPCO (-6.3%) led laggards. In line with our expectation, the market closed on a bearish note today, we however do not rule out the possibility of bargain hunting activities in tomorrow’s trading session while maintaining our bearish outlook in the near term.
Market Statistics Wednesday, 21st November 2018
Market Cap (N’bn) 11,671.4
Market Cap (US$’bn) 38.1
NSE All-Share Index 31,969.79
Daily Performance % (0.8)
Week Performance % (0.4)
YTD Performance % (16.4)
Daily Volume (Million) 237.7
Daily Value (N’bn) 3.5
Daily Value (US$’m) 11.4
