Stock Market Index Depreciates Below 30,000bps as Ytd Losses Nears 5%

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Nigeria’s stock market opened the week on a negative note on Monday, June 16, as the All Share Index (ASI) dipped 0.37% to settle at 29,936.33 points.

This is below the psychological benchmark of 30,000 points which it rose from two months ago (in April).

The day’s bearish outing was majorly as a result of significant losses in DANGCEM (-0.9%), UBA (-1.6%) and GUARANTY (-0.3%).

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This dropped market capitalisation by N40.6bn to close at N13.2tn while year-to-date (YTD) loss weakened to -4.7%.

Activity level however strengthened as volume and value traded rose 1,872.1% and 38.5% to 2.9bn units and N3.9bn respectively.

WEMABANK (2.7bn units), FIDELITY (24.6m units) and THOMASWY (22.9m units) were the most traded stocks by volume while WEMABANK (N1.7bn), MTNN (N980.3m) and ZENITH (N315.2m) were the most traded stocks by value.

Sector performance was bullish as 4 of the 6 major indices recorded gains.

 The AFR-ICT index slipped 1.2% to lead losers due to price depreciation in MTNN (-1.2%), while the Industrial Goods index trailed down 0.5% as a result of losses in DANGCEM (-0.9%), BETAGLAS (-1.7%) and CUTIX (-1.4%).

On the flip side, bargain hunting in WAPIC (+9.8%) and PRESTIGE (+10.0%) drove the Insurance index higher by 0.5%.

This was followed by the Consumer Goods index which rose 0.4% owing to price appreciation in UNILEVER (+3.2%), DANGFLOUR (+3.1%) and DANGSUGAR (+0.9%) while the Banking index increased 0.2% on the back of buying interest in ZENITH (+1.0%), ETI  (+1.5%) and FIDELITY (+1.8%).

Investor sentiment as measured by market breadth (advanced/decline ratio) weakened to 0.8x from 0.9x recorded in the previous session as 16 stocks advanced against 20 decliners.

Top performing stocks were PRESTIGE (+10.0%), FORTE (+9.9%) and WAPIC (+9.8%) while ROYALEX (-8.3%), NAHCO (-6.4%) and THOMASWY (-6.2%) led the laggards.