Over the course of the week, AIRTELAFRI (-5.20% w/w), BUACEMENT (-1.79% w/w), NESTLE (-1.82% w/w) were the major drivers of the week’s loss. As a result, the year-to-date (YTD) return stood at -0.06%, while the market capitalisation shed ₦15.64bn w/w to close at ₦27.90trn. Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 307.38%. A total of 195.74m shares valued at ₦7.45bn were exchanged in 3,650 deals. FBNH (+1.36%) led the volume chart with 41.90m units traded while BUACEMENT (+0.00%) led the value chart in deals worth ₦2.90bn. Market breadth closed negative at a 1.07-to-1 ratio with declining issues outnumbering advancing ones. PZ (-9.09%) led fifteen (15) others on the laggard’s log, while NEIMETH (+8.39%) topped fourteen (14) others on the gainer’s table.
The Stock Market closed the first trading week of 2023 on a negative note as the benchmark index dipped 0.1% w/w to 51,222.34 points following price decline in AIRTELAF (-5.2%), BUACEMENT (-1.8%) and NESTLE (-1.8%). Likewise, market capitalisation declined ₦15.6bn to ₦27.9tn while YTD return settled at -0.1%. Activity level was mixed as average volume traded fell 59.0% to 230.5m units while value traded rose 22.1% to ₦6.8bn. The most traded stocks by volume were BUACEMENT (132.5m units), FBNH (69.2m units) and GTCO (56.1m units) while BUACEMENT (₦12.8bn), AIRTELAF (₦4.2bn) and GTCO (₦1.3bn) led by value.
Performance across sectors under our coverage was positively skewed as 4 of the 6 indices advanced w/w. The Consumer Goods and Banking indices led the gainers, up 6.4% and 4.3% respectively following price uptick in NB (+14.6%), BUAFOODS (+14.6%), FIDELITY (+9.2%), and UBN (+8.6%). Trailing, the Insurance and Oil & Gas indices rose 2.7% and 0.1% sequentially as AIICO (+8.5%) and ETERNA (+7.6%) advanced. Conversely, the AFR-ICT and Industrial Goods indices fell 3.0% and 0.6% respectively due to sell-offs in AIRTELAF (-5.2%) and BUACEMENT (-1.8%).
Investor sentiment as measured by market breadth waned to 0.2x from 0.3x as 37 stocks gained, 17 lost and 98 closed flat. JOHNHOLT (+20.5%), NAHCO (+15.6%) and NB (+14.6%) led the top gainers while CHAMPION (-15.6%), CHIPLC (-10.4%) and CHELLARA (-9.8%) led the decliners. In the coming week, we anticipate a positive performance as investors seek bargain hunting opportunities.
