November 24, 2024
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The equities market yesterday opened the week on a bearish note as the All Share Index (ASI) shed 45bps to close at 44,261.72 points while year-to-date (YTD) return moderated to 15.7 per cent.

Accordingly, market capitalisation fell by N71.2 billion to settle at N15.8 trillion. The day’s negative performance was largely due to losses in Dangote Cement (-2.9%), United Bank for Africa (-3.1%) and FBN Holdings (-1.8%).

On a similar note, activity level softened as volume and value traded fell 32.3 per cent and 19.6 per cent to 426.8 million units and N2.8 billion respectively.

The industrial goods index was the top loser, down 1.3 per cent primarily on the back of price depreciation in Dangote Cement (-2.9%). The Oil & Gas index (-1.3%) was dragged following losses in Forte Oil (-4.9%).

Similarly, profit taking in National Salt Company of Nigeria (-2.3%) and Dangote Flour Mills (-1.2%) pulled the consumer goods index 0.7 per cent southwards.

On the flip side, the Insurance index was the top gainer, up 1.6 per cent as buy interest in AIICO Insurance (+10.0%), Africa Prudential (+4.0%) and Linkage Assurance (+5.9%) buoyed performance.

Also, the banking index closed the day positive, up 1.4 per cent as investors took position in Zenith Bank (+2.2%) and Guaranty Trust Bank (+0.6%).

Investor sentiment as measured by market breadth (advance/decline ratio) stood at 0.6x as 22 stocks advanced against 34 decliners.

However, First City Monument Bank emerged the most traded equity on Monday with an exchange of 101.495 million shares worth N303.316 million.  It was trailed by Skye Bank having accounted for 48.341 million shares valued at N66.368 million, while Diamond Bank recorded 31.540 million shares worth N100.205 million; Transnational Corporation exchanged 27.731 million shares valued at N63.535 million while AIICO Insurance traded 27.627 million shares worth N24.311 million.

The top performers were AIICO Insurance (+10.0%), Prestige Insurance (+8.3%) and Linkage Assurance (+5.9%) while UNIC Insurance (-8.7%), HMARKINS (-8.3%) and Skye Bank (-5.6%) were the worst performers.

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