Home Finance Stock Market extends Bearish momentum, ASI down 0.3%

Stock Market extends Bearish momentum, ASI down 0.3%

by Business News Report

Today, the domestic market extended its losing streak as price decline in BUACEMENT (-1.4%), OKOMUOIL (-10.0%), and MTNN (-0.5%) dragged the benchmark index lower by 0.3% to 49,546.38 points. Similarly, YTD return moderated to 16.0% (previously: 16.3%) while market capitalisation decreased by ₦78.1bn to ₦26.7tn. Meanwhile, activity level diverged as volume traded rose 14.1% to 147.0m units while value traded fell 35.8% to ₦2.6bn.

Across our coverage sectors, performance was bearish as 5 indices lost while the Banking index gained 0.2% due to price uptick in ZENITH (+1.2%) and UBA (+0.7%). The Insurance index led the laggards, down 1.4% due to profit-taking in NEM (-10.0%), LASACO (-9.6%), and MANSARD (-0.5%). Trailing, the Industrial and Consumer Goods indices declined 0.5% and 0.3% respectively on account of losses in BUACEMENT (- 1.4%), CUTIX (-7.0%) and FLOURMILL (-5.2%). Also, the AFR-ICT and Oil & Gas indices fell 20bps and 10bps sequentially on the back of sell pressure on MTNN (-0.5%) and ETERNA (-5.6%).

Investor sentiment, as measured by market breadth, weakened to -0.18x from -0.07x as 12 stocks gained, 24 lost while 65 closed flat. Tomorrow, we expect profit-taking activities to weigh on market performance.

Market Cap (₦’bn)                                        26,723.72

Market Cap ($’bn)                                                62.50

NGX All-Share Index                                   49,546.38

Daily Performance %                                           -0.30

WTD Performance %                                           -0.20

MTD Performance %                                           -1.60

QTD Performance %                                            -4.40

YTD Performance %                                            16.00

Daily Volume                                                      147.00                                             

Daily Value (₦’bn)                                                  2.60

Daily Value ($’m)                                                    6.20                    

Sectoral Indices Performance

NGX 30                                                                  -0.40

NGX BANKING INDEX                                        0.20

NGX INSURANCE INDEX                                  -1.40

NGX CONSUMER GOODS INDEX                     -0.30                

NGX OIL/GAS                                                        -0.10

NGX LII                                                                   -0.40

NGX INDUSTRIAL GOODS INDEX                    -0.50

NGX-AseM                                                               0.00

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