Stockmarket capitalisation shed ₦49.2bn

Today, sell pressure on GTCO (-2.2%), ACCESS (-2.7%), and FBNH (-1.6%) drove the  domestic bourse southward, as the NGX All-Share Index fell 0.2% to 43,349.90 points. Consequently, market capitalisation shed ₦49.2bn to ₦22.6tn while YTD return weakened to 7.6%. Market activity faltered as volume and value traded fell 37.5% and 47.8% respectively to 264.8m units and ₦6.1bn. FBNH (68.6m units), INTBREW (36.7m units), and GTCO (24.2m units) topped the volume chart while NESTLE (₦3.0bn), FBNH (₦856.2m), and GTCO (₦644.0m) led by value.

Performance across sectors within our coverage was bearish as 4 indices lost while the Industrial Goods and AFRI-ICT indices closed flat. The Insurance and Consumer Goods indices dipped 0.8% and 0.7% respectively due to profit-taking on MBENEFIT (-7.4%), LINKASSURE (-3.8%), DANGSUGAR (-1.2%), and FLOURMIL (-1.3%). Similarly, the Banking and Oil & Gas indices declined 0.4% and 0.2% respectively on the back of sell-offs in GTCO (-2.2%), ACCESS (-2.7%), and ARDOVA (-5.4%). 

Investor sentiment, as measured by market breadth (advance/decline ratio), weakened to 0.6x from 1.0x  as 14 stocks advanced while 24 stocks declined. ABCTRANS (+10.0%), CHAMS (+4.5%), and CUTIX (+3.1%) led gainers while JAPAULGOLD (-9.1%), NEIMETH (-9.1%), and UNITYBANK (-8.5%) led decliners. In the next trading session, we expect profit-taking to dominate the market, barring any positive driver.

Ardova Plc announced the establishment of its ₦60.0bn bond issuance programme and the successful issuance of both 7 & 10 year bonds worth ₦11.4bn and ₦13.9bn respectively with a 13.3% and 13.65% fixed rate being tranches A and B of the series 1 bonds under the Programme.

Market Statistics for Wednesday, 17th November 2021