Domestic Equities Market Continues Losing Streak… ASI Down 1.0%

Yesterday, the domestic equities market extended its losses to the second trading session of the week on the back of sustained losses in NIGERIAN BREWERIES (-9.7%), NESTLE (-3.5%) and UNILEVER (-8.5%).

As a result, the Benchmark Index shed 1.0% to 30,226.7 points while YTD loss further dipped to -3.8% and N169bn was wiped off investors’ wealth as market capitalisation fell to N11.4tn. Furthermore, activity level was mixed as value traded advanced by 23.3% to N4.5bn while volume traded declined by 78.2% to 376.5m units.

The top traded stocks by value were NESTLE (N905.2m), NIGERIAN BREWERIES (N776.5m) and GUARANTY (N720.8m) while the top traded stocks by volume were FCMB (53.9m units), STERLING (41.4m units) and UBA (41.3m units).

Mixed Sector Performance
Performance across sectors was mixed, albeit negatively skewed as only 2 out of 5 sectors under our coverage advanced.

The Insurance index advanced the most by 0.9% as investors took position in NEM (+5.0%) and CUSTODIAN (+0.82%) while the Industrial index advanced marginally by 0.1% as gains in DANGCEM (+1.1%) offset sustained losses in BETAGLASS (+10.0%).

On the flip side, the Consumer Goods index further declined by 3.8% following sustained profit taking activities in NIGERIAN BREWERIES (-9.7%), NESTLE (-3.5%) and UNILEVER (-8.5%).

Likewise, the Oil and Gas index and the Banking index shed 1.8% and 1.1% respectively due to sustained losses in OANDO (-7.8%), FORTE (-9.9%), UBA (-2.6%) and ETI (-2.0%).

Investor Sentiment Remains Soft
Investors sentiment as measured by market breadth (advance/decline ratio) weakened to 0.4x from 0.8x recorded in yesterday’s session as 10 stocks advanced against 28 stocks that declined.

The top performing stocks were WEMA (+10.0%), SOVERININ (+10.0%) and IKEJHOTEL (+9.7%) while the most underperforming stocks were BETAGLASS (-10.0%), FORTE (-9.9%) and NIGERIAN BREWERIES (-9.7%).

While we expect this negative performance recorded thus far to persist in subsequent trading sessions, we do not rule out the possibility of an upturn in the performance of the Benchmark index as investors continue to take position in fundamentally attractive stocks.

Hot this week

Stanbic IBTC Bank PMI: Strongest Growth of Output Since February 2022

September data signalled strengthening growth momentum in Nigeria's private...

Sovereign Trust Insurance: Advancing Extra Mile as a Lifestyle in CSW 2026

As the world marks Customer Service Week 2026, Sovereign...

Excellent Leaders Secondary School Emerges Best at Tech Spark 2026

The first-prize winning team of Excellent Leaders Secondary School,...

Excellent Leaders Secondary School Emerges Best at Tech Spark 2026

The first-prize winning team of Excellent Leaders Secondary School,...

NAIPE Confab 2026: 28 Insurance, Pension Stakeholders Show Support as Event Kickstarts 12noon on Thursday

About 28 insurance and pension regulators and operators have...

Topics

Debit Card vs Credit Card: How to Choose the Right Card for Every Expense

Understanding what happens to your money after a payment...

The Alternative Bank Enters Market with Lagos, Abuja, Kano Launch

L-R: Chairman, The Alternative Bank, MUHTAR BAKARE; Executive Chairman,...

International Energy Insurance in N81m Litigations, Up from N57m in 2019

Mr. Ebun Ayeni Managing Director/CEO International Energy Insurance Plc International Energy Insurance...

Rand Merchant Bank Nigeria Acts as Lead Issuing House on the N236bn PRESCO Rights Issue

Rand Merchant Bank Nigeria Limited is pleased to announce...

Mutual Specialists CEO, Adetola Adegbayi, Identifies Requirements for Attaining Good Retirement

How to attain good retirement amid prevailing economic headwinds,...

Ecobank Named ‘Best Retail Bank in Nigeria’ by The Asian Banker

Ecobank Nigeria has again emerged the “Best Retail...

Old Mutual Urges Nigerians to Mitigate Risks via Insurance

The Management of Old Mutual General Insurance Company, a...

Dufil Prima Foods Strengthens Primary Health Care with Donation of Medical Equipment

L-R: Assistant Medical Officer of Health, Rauf Aregbesola Primary...