Markets

Bellwethers Drag Market Performance into Negative Territory

Losses in market bellwethers - DANGCEM (-3.5%), GUARANTY (-2.9%), and WAPCO (-4.1%) - dragged the ASI down 1.6% to 40,855.64 points on Tuesday, reverting its positive close the previous session. As a result, YTD gain dropped to 6.8% while market capitalization fell to N14.8tn as investors lost N234.4bn. On the contrary, activity level improved as volume and value traded rose 34.8% and 68.8% to 364.8m units and N6.3bn respectively.

Stock Market Reverses 4-Day Bearish Run

The domestic bourse reversed a 4-day bearish run today as the All Share Index gained 1.7% - the highest this month - to close at 41,504.51 points while YTD return expanded to 8.5%. Today’s bullish performance was largely driven by upticks in DANGCEM (+2.8%), GUARANTY (+4.6%) and NESTLE (+2.9%). Accordingly, investors gained N252.9bn in value as market capitalisation strengthened to N15.0tn.  Activity level was mixed as volume traded fell 49.4% to 270.6m units while value traded rose 1.6% to close at N3.7bn.

Sustained Sell-offs in Blue Chip Stocks Drag Equities Market

The local Bourse extended losses to the fourth consecutive trading session as the All Share Index shed 1.1% on Wednesday to close at 40,802.08 points while YTD return further declined to 6.7%. This bearish performance was mostly due to sell offs in DANGCEM (-0.8%), GUARANTY (-2.0%) and NIGERIAN BREWERIES (-0.1%). Hence, investors lost N159.4bn in value as market capitalisation fell to N14.7tn.  Activity level was mixed as volume traded rose 51.6% to 535.0m units while value traded dropped 11.7% to N3.7bn.

Profit Taking Drags Market into the Red

Sustained profit taking by investors dragged the domestic bourse into the red for the third consecutive trading session as the All Share Index shed 51bps to settle at 41,243.24 points on Tuesday while YTD return moderated to 7.8%. Losses in INTBREW (-5.0%), SEPLAT (-5.0%) and ZENITH (-2.1%) were the major drags to performance today. As a result, market capitalisation reduced to N15.0tn as investors lost N76.3bn in value. Similarly, activity level waned as volume and value traded fell 7.1% and 19.3% to 352.9m units and N4.1bn respectively.

Equity Market Extends Bearish Run

The local bourse opened the week on a negative note as the All Share Index shed 4bps to close at 41,454.30 points while YTD return closed at 8.4%. Today’s bearish performance was largely due to profit taking in GUARANTY (-3.4%), UNILEVER (-5.0%) and SEPLAT (-3.0%). Consequently, market capitalisation declined to N15.0tn as investors lost N5.9bn in value. In the same vein, activity level weakened as volume and value traded fell 32.2% and 24.1% to 379.9m units and N5.1bn respectively.

Bargain Hunting in Bellwethers Drives Positive Performance

Following a 6-day decline in market performance, bargain hunting in bellwethers - ZENITH (+1.8%), NIGERIAN BREWERIES (+1.5%) and GUARANTY (+0.7%)- pulled the All Share Index (ASI) 33bps higher to 41,633.79 points on Thursday while YTD gain improved to 8.9%. Accordingly, investors gained N196.0bn in value as market capitalization increased to N15.0tn. Activity level also strengthened as volume and value traded grew 11.0% and 30.2% to 542.2m units and N7.3bn respectively.

Sell-offs Persist Despite Improved Investor Sentiment

Sell-offs in the local bourse persisted in Wednesday’s trading session, dragging the All Share Index 46bps lower to 41,496.25 points while YTD gain contracted to 8.5%. Consequently, market capitalisation decreased by N68.6bn to N14.8tn. Today’s negative performance was largely driven by sell pressures in NESTLE (-2.2%), STANBIC (-4.5%) and WAPCO (-6.6%).  However, market activity improved as volume and value traded inched 22.7% and 44.4% higher to 488.7m units and N5.6bn respectively.

Local Bourse Maintains Downward Trend

The local bourse maintained a downward trend at the start of the week as the All Share Index (ASI) slid 21bps to 41,845.92 points while YTD return contracted to 9.4%. As a result, investors lost N32.2bn in value as market capitalisation decreased to N14.9tn. The bearish performance of the market today was primarily due to profit taking in large cap stocks - NIGERIAN BREWERIES (-3.4%), ETI (-4.8%) and STANBIC (-2.0%). Similarly, activity level declined as volume and value of shares traded fell 23.4% and 25.9% to 326.9m units and N5.3bn respectively.

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