Tuesday, September 23, 2025
26.4 C
Lagos

Sustained Sell Offs Pull YTD Return into Negative Region… NSE ASI Down 1.3%

Sustained sell offs in the local bourse, which have persisted for 11 days, pulled the All Share Index (ASI) 1.3% lower to 38,104.54 points, its lowest in 5 months while YTD return fell to a deficit of 0.4%.

Consequently, investors lost N181.8bn as market capitalization fell to N13.8tn dragged majorly by NESTLE (-4.4%), DANGCEM (-1.0%) and INTERBREW (-4.8%). Activity level strengthened as volume and value traded inched 39.2% and 108.0% higher to 476.2m units and N9.9bn respectively.

ZENITH (127.2m units & N3.3bn), GUARANTY (74.0m units & N3.0bn) and UBA (65.6m units & N700.8m) were the top traded by volume and value respectively.

Relatedly, Stanbic IBTC Holdings Plc yesterday announced a share acquisition by its parent company, Stanbic Africa Holdings, which would increase its shareholding in the Nigerian bank to 64.4%.

Largely Bearish Sector Performance
Sector performance maintained its bearish trend as 4 of 5 indices we cover closed southwards. The Consumer and Industrial Goods indices lost 2.6% and 2.1% respectively on account of continued selloffs in NESTLE (-4.4%), INTERBREW (-4.8%), NIGERIAN BREWERIES (-1.9%), DANGCEM (-1.0%) and WAPCO (-4.9%).

Similarly, the Banking index declined 1.1% as we saw price depreciation in GUARANTY (-1.2%) and ACCESS(-4.6%) while the Oil & Gas index waned 0.3% due to profit taking in FORTE (-9.1%).

On the flipside, the Insurance index gained 0.2% as price appreciations in LINKASSURE (+1.2%) and MBENEFITS  (+2.8%) buoyed the index.

Investor Sentiment Weakens
Investor sentiment as measured by market breadth (advance/decline ratio) declined to 0.8x from 0.9x as 21 stocks advanced against 26 stocks that declined.

Yesterday’s top gainers were CCNN (+10.1%), FCMB (+8.1%) and FBNH (+5.7%) while INTERBREW (-9.6%), FORTE (-9.1%) and OKOMUOIL (-5.9%) were yesterday’s top losers.
Despite the negative performance, we noticed some bargain hunting in small and mid-cap stocks; hence market performance could improve in the final trading session.

Our view is further buttressed by the fact that the Relative Strength Index of the market is currently at 12.55 points, which is in the oversold region and this is also an indicator of a reversal.

spot_img
spot_img

Hot this week

NCDMB ES: African Nations Must Collaborate to Develop Oil Sector

Close partnership and collaboration among African oil and gas...

NCDMB Boss Commends West African Ventures, Seeks Investment in Deepwater Operations

The Executive Secretary of the Nigerian Content Development and...

Ecobank Design & Build Expo: Global & Local Giants to Showcase Cutting-Edge Products in Lagos

Leading global and local brands in the building, design,...

Fidelity FNITCC Confab: Atlanta Mayor Highlights Economic Ties with Africa

L – R: Managing Director/Chief Executive Officer, Fidelity Bank...

HRM Igwe Maduagwuna of Awba-Ofemili Commends The Village Priest Author, Remmy Nweke

His Royal Majesty, Igwe Ezekwesili Maduagwuna, Ofemili I of...

Topics

NCDMB to Sponsor New R&D Projects, as Triple Helix Nigeria Unveils Vision

L-R: Prof Eucharia Nwaichi, Chairman Centra Planning Committee, Triple...

Access Bank Partner Energy Stakeholders on Actions to Achieving Net-Zero Emissions

L-R:  Abubakar Sani Sambo, Chairman Board of Trustees, Renewable...

Orange Completes Acquisition of Airtel in Sierra Leone

Orange announced yesterday that, together with its Senegal-based partner,...

Linkage Assurance Grows Profit by 894%, Rewards Shareholders with Bonus Issue

L-R: Mr. Okanlawon Adelagun, Executive Director, Technical ; Mr....

NAICOM, CIIN Partner on Key Market Initiatives

The Commissioner for Insurance (CFI) hosted the Council of...

NPF Insurance Receives Operational Licence from NAICOM

The National Insurance Commission (NAICOM) today, November 29, 2024,...

‘FG Should Support SMEs to Ease Recession’

With the Nigerian economy in recession, support for small...
spot_img

Related Articles

Popular Categories

spot_imgspot_img