NGX | United Capital Research Investment Views - 28th March to 1st April 2022
Last week, the domestic equity market maintained its bearish tilt as investors continued to take profit from the bourse in light of weaker sentiments and absence of risk-on triggers. Interestingly, large-cap stocks saw decent sell pressures as BUAFOODS (-3.1% w/w), NESTLE (-2.8%) and MTNN (-0.5%) recorded declines. As a result, the benchmark NGX-All Share Index (NGX-ASI) lost 67bps w/w to print at 46,964.2 points. In addition, YTD return moderated further to settle at 9.9%, with market capitalization printing at N25.3tn. The activity level in the local bourse reflected the overall bearish performance of the local bourse as average volume and average value traded fell 52.0% and 19.6% w /w to print at 235.3mn units and N3.3bn respectively. Also, investor sentiment as measured by market breadth remained weak at 0.5x as 24 stocks appreciated while 44 equities fell.