Home Finance Stock market trims gains… ASI down 0.2%

Stock market trims gains… ASI down 0.2%

by Business News Report

Today, profit-taking in MTNN (-3.6%), NB (-2.5%), and WEMABANK (-3.7%) dragged the NGX-ASI lower by 0.2% to 51,805.41 points. Accordingly, YTD return weakened to 21.3% (previously 21.5%) while market capitalisation declined ₦52.4bn to ₦27.9tn. Meanwhile, volume and value traded fell 1.8% and 9.3% respectively to 331.5m units and ₦5.0bn.

Across our coverage sectors, performance was bullish as 4 indices gained while 2 lost. The Insurance and Consumer Goods indices led gainers, up 2.1% and 0.8% respectively due to price uptick in MANSARD (+4.6%), LINKASSURE (+8.6%), BUAFOODS (+5.9%), and INTBREW (+9.5%). Trailing, the Oil & Gas and Industrial Goods indices rose 1.0% and 0.1% respectively following buying interest in OANDO (+7.1%) and WAPCO (+0.9%). Conversely, the AFR-ICT and Banking indices declined 1.8% and 0.1% respectively, following price depreciation in MTNN (-3.6%), UBA (-0.6%), and ZENITH (-0.2%).

Investor sentiment, as measured by market breadth, strengthened to 0.36x from 0.28x as 36 stocks gained, 13 lost while 64 closed flat. In the next trading session, we expect the market performance to remain bearish in the absence of any positive catalyst.

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