Home Stock Market Stock market extends Bearish run as MTNN, Zenith, BUACEMENT dragged All-Share lower

Stock market extends Bearish run as MTNN, Zenith, BUACEMENT dragged All-Share lower

by Business News Report

The local bourse resumed trading for the week on a bearish note, as sell pressure on MTNN (-0.6%), ZENITH (-2.2%), and BUACEMENT (-0.7%) dragged the All-Share Index lower by 36bps to 37,857.89 points. Consequently, the YTD loss worsened to -6.0% while market capitalisation dipped by ₦70.9bn to ₦19.7tn. Trading activities was mixed as volume traded fell by 22.6% to 187.2m units while value traded rose by 6.7% to ₦2.9bn. The most traded stocks by volume were ZENITH (35.3m units), SOVRENIN (14.2m units), and UBA (14.1m units) while ZENITH (₦870.9m), MTNN (₦777.7m), and AIRTELAF (₦414.7m) led by value.

Across sectors under our coverage, performance was bearish as 5 indices lost while 1 index gained. The Banking index led losers down 1.0% due to price depreciation in ZENITH (-2.2%), and FBNH (-2.6%). Similarly, the Consumer Goods and AFR-ICT indices dipped by 0.4% apiece due to sell-offs in PZ (-1.7%), HONYFLOUR (-0.6%), and MTNN (-0.6%). In the same vein, the Industrial Goods and Insurance indices fell by 35bps and 3bps respectively due to losses in INTBREW (-5.7%), BUACEMENT (-0.7%) and MANSARD (-2.3%). Conversely, the Oil & Gas index was the lone gainer, up 5bps on the back of buying interest in ETERNA (+1.7%).

Investors sentiment, as measured by market breadth (advance/decline ratio), strengthened to 1.2x (from 0.9x) as 15 stocks gained while 13 stocks lost. TRIPPLEG (+9.9%), REGALINS (+8.9%), and FTNCOCOA (+5.9%) led gainers while CWG (-9.5%), INTBREW (-5.7%) and CHAMPION (-3.2%) led decliners. In the next trading session, we envisaged extension of cautious trading ahead of H1 earnings releases.

Market Statistics for Monday, 12th July 2021 

Market Cap (N’bn)19,724.5
Market Cap (US$’bn)48.0
NSE All-Share Index37,857.89
Daily Performance %(0.4)
WTD Performance %(0.4)
MTD Performance %(0.1)
QTD Performance %(0.1)
YTD Performance %(6.0)
Daily Volume (Million)187.2
Daily Value (N’bn)2.9
Daily Value (US$’m)7.0

Source: Afrinvest

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