Losses in MTN, Accesscorp, GTCO Halts Bullish Run As NGX

Today, the domestic market halted its 6-day bullish run as losses in MTNN (-2.0%), ACCESSCORP (-1.6%), and GTCO (-0.7%) dragged the benchmark index lower 0.3% to 51,803.98 points. Similarly, YTD return moderated to 21.3% (previously: 21.6%) while market capitalisation decreased by ₦85.6bn to ₦27.9tn. Market activity improved as volume and value traded advanced 18.0% and 393.7% respectively to 314.6m units and ₦12.8bn.

Across our coverage sectors, performance was bearish as 5 indices lost while the Consumer Goodsindex gained 0.3% due to price uptick in NB (+1.8%). The AFR-ICT index led laggards, down 0.9% due to profit-taking in MTNN (-2.0%). Trailing, the Oil & Gas and Insurance indices declined 0.5% and 0.1% respectively on account of losses in OANDO (-3.4%) and AIICO (-1.6%). Also, the Industrial Goodsand Banking indices fell 3 bps and 2bps sequentially on the back of sell pressure on WAPCO (-0.4%) and ACCESSCORP (-1.6%).

Investor sentiment, as measured by market breadth, weakened to -0.12x from 0.03x as 10 stocks gained, 19 lost while 75 closed flat. Tomorrow, we expect profit-taking activities to weigh on market performance.

Market Cap (₦’bn) 27,928.03

Market Cap ($’bn) 66.3

NGX All-Share Index 51,803.98

Daily Performance % -0.30

WTD Performance % 0.20

MTD Performance % -3.40

QTD Performance % 10.30

YTD Performance % 21.30

Daily Volume

Daily Value (₦’bn) 314.60

Daily Value ($’m) 12.80

Sectoral Indices Performance