Home Finance The Bears remain resolute… ASI down 0.1%  

The Bears remain resolute… ASI down 0.1%  

by Business News Report

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$’bn)56.9
NSE All-Share Index42,000.01
Daily Performance %(0.1)
WTD Performance %(1.0)
MTD Performance %(1.0)
QTD Performance %4.3
YTD Performance %4.3
Daily Volume (Million)504.8
Daily Value (N’bn)5.3
Daily Value (US$’m)13.8

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