Friday, November 1, 2024
26.1 C
Lagos

Stock Market Extends Bearish Performance… ASI Down 0.4%

Yesterday, the bearish performance of the local bourse continued into the fourth consecutive trading session on the back of losses in DANGCEM (-0.5%), ETI (-3.3%) and ACCESS (-4.3%).

As a result, the Benchmark Index fell by 39bps to 29,553.12 points as YTD loss worsened to -6.0% while market capitalisation fell by N43.4bn to N11.1tn. In line with yesterday’s performance, activity level worsened as volume and value traded dipped by 8.1% and 48.9% to 498.8m units and N2.9bn respectively.

The most actively traded stocks for the day by volume were STERLING (124.8m units), CHAMS (114.7m units) and FBNH (55.4m units) while ZENITH (N653.8m), GUARANTY (N503.8m) and FBNH (N407.1m) led top traded stocks by value.

Bearish Sector Performance
Across sectors, performance was largely bearish as 4 of 5 indices under our coverage closed in the red. The Insurance index declined the most, down 2.5% as losses in REGALINS (-8.0%) and MANSARD (-7.3%) dragged the index while the Industrial Goods index trailed, inching southward by 0.5% following price depreciation in CAP (-9.9%) and DANGCEM (-0.5%).

Similarly, the Consumer Goods and Banking indices fell 0.4% apiece due to sell-offs in DANGSUGAR (-3.2%) and UNILEVER (-2.0%), ETI (-3.3%), ACCESS (-4.3%) and WEMABANK (-4.1%).

On the flip side, the Oil and Gas index extended its gains into another trading session following sustained buying interest in FORTE (+9.9%) and OANDO (+3.1%).

Investor Sentiment Strengthens

Investors sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.6x from yesterday’s 0.3x as 11 stocks advanced relative to 19 stocks that declined.

The top performing stocks were CHAMS (+10.0%), FORTE (+9.8%) and VITAFOAM (+7.8%) while the least performing stocks for the day were CAP (-9.9%), UNITY (-9.3%) and ETERNA (-8.0%).

We do not expect this negative performance to persist in the final trading session of the week as we anticipate that investors will take advantage of the attractively priced.

spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Bank PMI: Output Falls at Fastest Pace in 19 Months amid Intense Cost Pressures

Severe inflationary pressures caused an intensification of the downturn...

FG: 7.68m Barrels of Oil Stolen/Lost in 2023

The Federal Government says that 7.68 million crude oil...

GTCO: Market Value Hits N1.58tn on Investor, Market Confidence

GTCO Plc has started clinging near its 52-week high...

Maida, Inuwa, Adeyanju, Alakija, Others Unveiled as Speakers for AfriTECH 4.0

The organisers of Africa Tech Alliance Forum have...

AIICO Insurance: Partnership by Stakeholders Necessary to Grow Agric Sector

Making a presentation on Agricultural Insurance at the annual...

Topics

AIICO, Coronation Drag Insurance Index 0.3% Lower at NGX

Babatunde Fajemirokun Managing Director/CEO AIICO Insurance Plc The Nigeria Daily Market Report...

Nominations Now Open for 2024 Almond Insurance Industry Awards

The stage is now set for the 2024 Annual...

Samsung Unveils QLED TV, 2018 Model

L-R: Executive Director, SIMS Nigeria Ltd (SIMS), Mr. Ike Eyisi; Executive Director,...

DHL: Customer Service as Market Growth Benchmark

As consumers and businesses are urged to tighten their...

Ringier Africa, Asia Pacific Form New Structure/Leadership

Ringier is restructuring its international market set-up for the...

Dell Expands UltraSharp Monitor for Innovation, Transformation

As a new generation floods the job market, there...

NAICOM, NFIU to Strengthen Partnership on Financial Regulation

From Left: Mr. Ahmed Adamu Director, Innovation & Regulation...
spot_img

Related Articles

Popular Categories

spot_imgspot_img