Today, the local bourse trended downward on the back of sell pressure in BUACEMENT (-5.2%), GTCO (-1.7%), and DANGSUGAR (-1.6%) as the All-Share index fell by 79bps to 38,484.82 points. Consequently, YTD loss worsened to -4.4% while market capitalisation declined by ₦159.5bn to ₦20.1tn. Trading activity improved as average volume and value traded rose by 9.5% and 5.3% to 260.0m units and ₦2.0bn respectively. The most traded stocks by volume were OANDO (56.3m units), GTCO (15.3m units), and JAIZBANK (14.9m units) while GTCO (₦444.9m), OANDO (₦288.5m), and SEPLAT (₦169.6m) led by value.
Performance across sectors under our coverage was bearish as 4 indices lost while 2 indices gained. Topping the laggards is the Industrial Goods and Oil & Gas indices, down 2.0% and 1.9% respectively driven by price depreciation in BUACEMENT (-5.2%) and OANDO (-9.7%). Similarly, the Banking and Consumer Goods indices fell by 0.8% and 0.4% respectively, due to sell pressure on GTCO (-1.7%), ACCESS (-1.6%), NASCON (-3.7%), and DANGSUGAR (-1.6%). On the other hand, the Insurance and AFR-ICT indices gained 3.2% and 0.2% respectively, on the back of buying interest in REGALINS (+9.8%), CHIPLC (+9.3%), MBENEFIT (+5.4%), and MTNN (+0.4%).
Investors sentiment, as measured by market breadth (advance/decline ratio), remained unchanged at 0.8x as 17 stocks advanced while 21 stocks declined. TRIPPLEG (+10.0%), REGALINS (+9.8%), and CHIPLC (+9.3%) led gainers while OANDO (-9.7%), UACN (-8.9%), and LINKASSURE (-7.7%) led decliners. In the final trading session, we anticipate an extension of the sell pressure as investors continue to adjust their holdings in response to the recent FX regulation. Albeit, we see a potential for bargain hunting in the market.
Market Statistics for Thursday, 29th July 2021
|Market Cap (N’bn)||20,051.1|
|Market Cap (US$’bn)||48.8|
|NSE All-Share Index||38,484.82|
|Daily Performance %||(0.8)|
|WTD Performance %||(0.5)|
|MTD Performance %||1.5|
|QT Performance %||1.5|
|YTD Performance %||(4.4)|
|Daily Volume (Million)||260.0|
|Daily Value (N’bn)||2.0|
|Daily Value (US$’m)||4.8|