It was a sad day yesterday on the floor of the Nigerian Stock Exchange (NSE) as investors lost N124.2 billion as the stock market recorded its largest decline in seven weeks with the All Share Index (ASI) losing 96bps to close at 36,953.41 points while YTD return declined to 37.5%. Market capitalisation also tumbled down to N12.8trillion.
The trading session’s negative close is majorly attributable to losses in NESTLE (-3.1%), ZENITH (-4.7%) and DANGCEM (-0.6%).
Likewise, activity level weakened as volume and value traded fell 29.1% and 88.6% to 238.6million units and N3.4 billion respectively- due to high base of yesterday’s trading activity following a one-off cross deal of DANGCEM valued at N27.0 billion
Bearish Sector Performance
Sector Performance was largely negative with the Oil & Gas index emerging the lone gainer. The biggest losers were the Industrial and Banking indices, down 1.4% apiece, owing to price depreciations in ZENITH (-4.7%), GUARANTY (-0.3%), DANGCEM (-0.6%) and WAPCO (-2.8%).
The Consumer Goods index trailed, down 1.3% following losses in NESTLE (-3.1%) and UNILEVER (-5.0%). Similarly, depreciations in LINKASSURE (-4.6%) and AIICO (-3.6%) dragged the Insurance index 0.1% lower. The day’s lone gainer- the Oil & Gas index- was driven by buying interest in FORTE (+1.4%).
Market Breadth Declines Further
Market Breadth declined further from 0.6x recorded yesterday to 0.3x (11 advancers/31 decliners). The top performing stocks were VITAFOAM (+5.0%), NAHCO (+4.8%) and NEM (+4.3%) while the worst performers were CAVERTON (-9.4%), CILEASIN (-8.8%) and UNILEVER (-5.0%).
Following the day’s unprecedented loss, Afrinvest Research says it expects bargain hunting to drag market performance positive in subsequent trading sessions.
Market Statistics: Tuesday, 14th November 201
| Market Cap (N’bn) | 12,789.5 |
| Market Cap (US$’bn) | 41.8 |
| NSE All-Share Index | 36,953.41 |
| Daily Performance % | (1.0) |
| Week Performance % | (0.2) |
| YTD Performance % | 37.5 |
| Daily Volume (Million) | 238.6 |
| Daily Value (N’bn) | 3.4 |
| Daily Value (US$’m) | 11.2 |
