Today, sell-offs in WAPCO (-3.9%), ZENITH (-1.2%) and ACCESS (-1.1%) pulled the NGX All-Share Index lower by 0.1% to 43,707.30 points. Consequently, the market capitalisation shed ₦12.1bn to ₦22.8tn while YTD return moderated 10bps to 8.5%. Market activity was mixed as volume traded decreased by 3.6% to 270.7m units while the value traded rose 61.9% to ₦5.6bn. FLOURMILL (50.6m units), TRANSCORP (38.9m units), and FBNH (21.5m units) led by volume while MTNN (₦1.5bn), FLOURMILL (₦1.5bn), and NESTLE (₦454.8m) recorded the most value.
Performance across sectors within our coverage was bearish as 4 indices lost while 2 gained. Accordingly, the AFR-ICT and Consumer Goods indices appreciated 0.3% and 0.1% respectively due to gains in MTNN (+0.5%) and FLOURMILL (+0.5%). Meanwhile, Banking index fell 1.0%, dragged by ZENITH (-1.2%) and ACCESS (-1.1%). Similarly, MANSARD (-4.0%) and CHIPLC (-8.3%) pulled the Insurance index down 0.3% while the Industrial Goods and Oil & Gas indices dipped 0.2% apiece on price decline in WAPCO (-3.9%) and ARDOVA (-4.1%).
Investor sentiment, as measured by market breadth (advance/decline ratio), weakened to 0.9x from 1.5x as 19 stocks shed prices relative to 18 gainers. NEIMETH (+10.0%), CHAMS (+9.1%), and MBENEFIT (+8.0%) led gainers while REDSTAREX (-9.9%), PHARMDEKO (-9.8%), and ABCTRANS (-9.1%) led decliners. We expect bearish sentiment to dominate market activities in the next trading session in the absence of a positive catalyst.
Market Statistics for Wednesday, 10th November 2021
| Market Cap (N’bn) | 22,809.3 |
| Market Cap (US$’bn) | 55.5 |
| NGX All-Share Index | 43,707.30 |
| Daily Performance % | (0.1) |
| WTD Performance % | 4.0 |
| MTD Performance % | 4.0 |
| QTD Performance % | 8.7 |
| YTD Performance % | 8.5 |
| Daily Volume (Million) | 270.7 |
| Daily Value (N’bn) | 5.6 |
| Daily Value (US$’m) | 13.7 |
