The Equities market of the NGX on Monday extended last week’s bearish run, due to selling pressure on Zenith Bank Plc shares with (-1.3%); WAPCO (-1.8%), and OANDO (-4.1%).
Specifically, the market capitalisation fell N3.2billion to N20.3trillion, while the NGX All-Share Index (ASI) declined 2bps to close at 38,915.62 points, Year Till Date (YTD) loss worsened to -3.4 per cent.
Trading activity improved as volume and value traded rose by 30.1% and 11.4% to 201.1m units and N2.5billion respectively.
The most traded stocks by volume were UNIVINSURE (19.4m units), FIDELITY (19.3m units), and FBNH (16.7m units) while NESTLE (₦1.2bn), STANBIC (₦202.1m), and UNILEVER (₦131.9m) led by value.
Performance was mixed across sectors under our coverage as 3 indices lost, 2 gained, while the AFR-ICT index closed flat.
The Oil & Gas index led the laggards, down 0.7 per cent due to profit-taking in OANDO (-4.1%). Similarly, the Insurance and Industrial Goods indices dipped 0.1 per cent apiece as a result of losses in WAPIC (-3.9%), MBENEFIT(-3.2%), and WAPCO (-1.8%).
Meanwhile, the Consumer Goods and Banking indices advanced 0.2 per cent and 0.1 per cent respectively on the back of buying interest in HONYFLOUR (+1.3%), INTBREW (+4.2%), ACCESS (+1.1%), and FIDELITY (+4.4%).
Investor sentiment, as measured by market breadth (advance/decline ratio), strengthened to 0.9x from 0.7x as 18 stocks advanced while 19 stocks declined.
MORISON (+9.4%), SOVRENINS (+8.0%), and LINKASSURE (+5.3%) led the gainers while SCOA (-10.0%), ACADEMY (-7.7%), and ABCTRANS (-5.7%) led the losers. In the next trading session, we expect the local bourse to sustain bearish performance in the absence of any positive catalyst.