Home Finance Stock market halts Bullish run… ASI down 0.1%

Stock market halts Bullish run… ASI down 0.1%

by Business News Report

Away from our expectation, the domestic equities market halted its bullish run as the NGX ASI shed 0.1% to 43,859.30 points today, following sell-pressure on bellwether manufacturing stocks – NESTLE (-7.8%), NIGERIAN BREWERIES (-5.2%), and DANGCEM (-0.4%). As a result, YTD return moderated to 2.7% while market capitalisation fell ₦20.4bn to ₦23.6tn. Trading activity worsened as volume and value traded fell 5.6% and 21.7% respectively to 294.5m units and ₦6.8bn. TRANSCORP (58.4m units), BUAFOODS (51.5m units), and FBNH (16.5m units) led by volume while BUAFOODS (₦3.3bn), SEPLAT (₦596.9m), and MTNN (₦381.5m) led by value.

Across sectors within our coverage, performance was mixed as 3 out of 6 indices lost. Leading laggards, the Consumer Goods index slid 4.8% on sell-offs in NESTLE (-7.8%), NIGERIAN BREWERIES (-5.2%), and UNILEVER (-4.3%). In the same vein, the Insurance and Industrial Goods indices shed 2.1% and 0.3% respectively due to losses in AIICO (-3.6%), MANSARD (-3.0%), DANGCEM (-0.4%), and WAPCO (-1.0%). On the other hand, the Oil & Gas index gained 1.0% following price uptick in OANDO (+2.8%) and ETERNA (+5.1%). Similarly, gains in UBN (+4.6%), ZENITH (+0.2%), and MTNN (+0.3%) buoyed performance in the Banking and AFR-ICT indices, up 0.2% and 0.1% respectively.

Investor sentiment, as measured by market breadth (advance/decline ratio), weakened further to 0.7x from 1.5x as 17 stocks gained against 26 laggards. BUAFOODS (+10.0%), ETERNA (+5.1%), and UBN (+4.6%) led gainers while MBENEFIT (-10.0%), BERGER (-9.9%), and UPDCREIT (-8.1%) led decliners. In the next trading session, we expect that today’s bearish performance would be sustained on weakened investor sentiment.

Market Statistics for Tuesday, 11th January 2022 

Market Cap (N’bn)23,630.6
Market Cap (US$’bn)57.5
NGX All-Share Index43,859.30
Daily Performance %(0.1)
WTD Performance %0.0
MTD Performance %2.7
QTD Performance %2.7
YTD Performance %2.7
Daily Volume (Million)294.5
Daily Value (N’bn)6.8
Daily Value (US$’m)16.5

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