The sell-offs on the local bourse continued today and the All-Share index fell 10bps to 42,000.01 points as a result of price declines in GUARANTY (-2.1%), WAPCO (-1.6%), and ETI (-4.8%). Consequently, the YTD return declined to 4.3% while market capitalisation fell by ₦22.9bn to settle at ₦22.0tn. Activity level varied as volume traded declined 9.2% to 504.8m units and value traded advanced 11.0% to ₦5.3bn. The most traded stocks by volume were UBN (75.6m units), GUARANTY (60.7m units) and FCMB (50.4m units) while GUARANTY (₦2.0bn), ZENITH (₦832.0m) and UBN (₦434.4m) led by value.
Performance across sectors under our coverage was bearish as all indicators declined save the AFR-ICT index that closed flat. The Insurance index lost the most, down 2.3% due to price declines in WAPIC (-8.5%) and NEM (-3.1%). Similarly, sell-offs in FLOURMILL (-3.0%), GUARANTY (-2.1%) and ETI (-4.8%) drove the Consumer Goods and Banking indices lower by 0.2% and 0.1% respectively. The Industrial Goods and Oil & Gas indices lost 12bps and 5bps respectively following price weakness in WAPCO (-1.6%) and OANDO (-10.0%).
Investor sentiment as measured by market breadth (advance/decline ratio) increased to 0.7x from the 0.2x recorded previously as 19 stocks gained against 26 losers. NCR (+9.9%), CHIPLC (+9.5%) and PRESTIGE (+9.1%) were the top gainers while LINKASSURE (-9.9%), CHAMPION (-9.8%) and REGALINS (-9.4%) were the top losers. We believe the expectations of and trend in corporate releases will influence performance this week.
Market Statistics for Wednesday, 3rd February 2021
| Market Cap (N’bn) | 21,970.67 |
| Market Cap (US$’bn) | 56.9 |
| NSE All-Share Index | 42,000.01 |
| Daily Performance % | (0.1) |
| WTD Performance % | (1.0) |
| MTD Performance % | (1.0) |
| QTD Performance % | 4.3 |
| YTD Performance % | 4.3 |
| Daily Volume (Million) | 504.8 |
| Daily Value (N’bn) | 5.3 |
| Daily Value (US$’m) | 13.8 |
