Selloffs In CHAMS, FCMB, MCNICHOLS Dragged Stock Market Index Lower

The domestic equities market closed in the red as selloffs in CHAMS (- 10.0%), FCMB (-8.0%), and MCNICHOLS (-7.5%) dragged the benchmark index lower by 0.1% to 49,599.73 points. Consequently, YTD return moderated to 16.1% (previously: 16.2%) while market capitalisation shed ₦24.4bn to ₦26.8tn. Market activity dampened as volume and value traded declined 7.2% and 38.8% respectively to 128.9m units and ₦1.7bn.

Across our coverage sectors, performance was mixed albeit bearish tilt as 2 indices lost, 1 gained while the AFR-ICT, Industrial Goods, and Insurance indices closed flat. The Banking and Oil & Gas indices fell 0.3% apiece, following sell offs in FCMB (-8.0%), STERLNBANK (-3.9%), and OANDO (-1.9%). Conversely, the Consumer Goods index rose 0.1% due to price uptick in PZ (+9.8%) and DANGSUGAR(+0.3%).

Investor sentiment, as measured by market breadth, improved to 0.00x (from – 0.10x) as 16 stocks advanced, 16 declined while 66 closed flat. In the penultimate trading session, we expect the bears to linger in the absence of any positive catalyst.

Market Cap (₦’bn) 26,753.20

Market Cap ($’bn) 61.40

NGX All-Share Index 49,599.73

Daily Performance % -0.10

WTD Performance % -0.90

MTD Performance % -0.50

QTD Performance % -4.30

YTD Performance % 16.10

Daily Volume 128.90

Daily Value (₦’bn) 1.70

Daily Value ($’m) 3.80

Sectoral Indices Performance