Home Stock Market Selloffs in CHAMS, FCMB, MCNICHOLS dragged stock market index lower

Selloffs in CHAMS, FCMB, MCNICHOLS dragged stock market index lower

by Business News Report

Today, the domestic equities market closed in the red as selloffs in CHAMS (- 10.0%), FCMB (-8.0%), and MCNICHOLS (-7.5%) dragged the benchmark index lower by 0.1% to 49,599.73 points. Consequently, YTD return moderated to 16.1% (previously: 16.2%) while market capitalisation shed ₦24.4bn to ₦26.8tn. Market activity dampened as volume and value traded declined 7.2% and 38.8% respectively to 128.9m units and ₦1.7bn.

Across our coverage sectors, performance was mixed albeit bearish tilt as 2 indices lost, 1 gained while the AFR-ICT, Industrial Goods, and Insurance indices closed flat. The Banking and Oil & Gas indices fell 0.3% apiece, following sell offs in FCMB (-8.0%), STERLNBANK (-3.9%), and OANDO (-1.9%). Conversely, the Consumer Goods index rose 0.1% due to price uptick in PZ (+9.8%) and DANGSUGAR(+0.3%).

Investor sentiment, as measured by market breadth, improved to 0.00x (from – 0.10x) as 16 stocks advanced, 16 declined while 66 closed flat. In the penultimate trading session, we expect the bears to linger in the absence of any positive catalyst.

Market Cap (₦’bn)                                         26,753.20

Market Cap ($’bn)                                                 61.40

NGX All-Share Index                                    49,599.73

Daily Performance %                                            -0.10

WTD Performance %                                            -0.90

MTD Performance %                                            -0.50

QTD Performance %                                             -4.30

YTD Performance %                                             16.10                                        

Daily Volume                                                       128.90

Daily Value (₦’bn)                                                   1.70

Daily Value ($’m)                                                    3.80

Sectoral Indices Performance

NGX 30                                                                  -0.10       

NGX BANKING INDEX                                      -0.30

NGX INSURANCE INDEX                                   0.00

NGX CONSUMER GOODS INDEX                  0.10

NGX OIL/GAS                                                   -0.30

NGX LII                                                              0.00                                      

NGX INDUSTRIAL GOODS INDEX              0.00

NGX-AseM                                                       0.00

Source: Afrinvest

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