Home Finance The Bears maintain dominance at Nigerian Stock market, ASI down 0.2%

The Bears maintain dominance at Nigerian Stock market, ASI down 0.2%

by Business News Report

Sell pressures in the local bourse continued in the first trading session of the week with sell-offs in GUARANTY (-2.6%), NIGERIAN BREWERIES (-5.3%) and INTBREW (-3.8%) dragging the benchmark index down 22bps to 38,561.84 points. Consequently, the YTD loss worsened to -4.2% and market capitalisation declined by ₦45.3bn to ₦20.2tn. Trading activity waned as volume and value declined by 37.2% and 33.2% respectively to 184.5m units and ₦2.5bn. The most traded stocks by volume were FBNH (31.1m units), NOTORE (22.0m units) and FIDELITY (15.3m units) while NOTORE (₦1.4bn), FBNH (₦226.0m), and ZENITH (₦163.3m) led by value.

Performance across sectors under our coverage was mixed. The Insurance and Oil & Gas indices gained 2.0% and 0.7% respectively due to buying interest in NEM (+7.9%), WAPIC (+10.0%), SEPLAT (+0.9%) and OANDO (+1.7%). Conversely, the Consumer Goods and Banking indices dipped 1.5% and 1.0% respectively following price declines in NIGERIAN BREWERIES (-5.3%), INTBREW (-3.8%), GUARANTY (-2.6%) and ZENITH (-0.7%). Lastly, the Industrial Goods and AFR-ICT indices closed flat.

Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 1.0x from the 0.7x recorded previously as 17 stocks advanced against 17 decliners. WAPIC (+10.0%), NNFM (+9.7%) and SMURFIT (+8.3%) were the top gainers while REGALINS (-9.1%), LIVESTOCK (-8.5%) and NIGERIAN BREWERIES (-5.3%) were the top losers. We expect to see sustained sell pressures as investors lean towards the fixed income space.

Market Statistics for Monday, 15th March 2021 

Market Cap (N’bn)20,175.7
Market Cap (US$’bn)52.3
NSE All-Share Index38,561.84
Daily Performance %(0.2)
WTD Performance %(0.2)
MTD Performance %(3.1)
QTD Performance %(4.2)
YTD Performance %(4.2)
Daily Volume (Million)184.5
Daily Value (N’bn)2.5
Daily Value (US$’m)6.5

Source: Afrinvest

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