Buying interest in BUACEMENT (+8.5%), WAPCO (+5.0%) and STERLING (+9.6%) pushed the benchmark index up by 47bps to close at 24,595.05 points. As a result, YTD loss eased to -8.4% while market capitalisation appreciated ₦60.4bn to ₦12.8tn. Activity level waned as volume and value traded fell 29.5% and 67.0% to 198.0m units and ₦1.0bn respectively. The most active stocks by volume were WAPIC (30.3m units), UBA (20.2m units) and TRANSCORP (19.4m units) while GUARANTY (₦158.0m), UBA (₦123.5m) and ZENITH (₦90.8m) led by value.
Sectors under our coverage recorded a bearish performance as only 2 of 6 indices gained. The Banking index (-0.9%) led the losers following sell-offs in ZENITH (-2.5%) and GUARANTY (-0.9%). Trailing, the Insurance (-0.8%) and Consumer Goods (-0.5%) indices declined as a result of price weakness in WAPIC (-5.7%), AIICO (-2.2%), DANGSUGAR (-2.5%) and FLOURMILL (-1.8%) . On the flip side, the Industrial Goods (+1.4%) and Oil & Gas (+0.3%) indices advanced, due to price appreciation in BUACEMENT (+8.5%), WAPCO (+5.0%) and OANDO (+3.5%). Lastly, AFR-ICT index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.5x from the 0.3x recorded in the previous session as 12 stocks advanced against 22 losers. The top gainers were CADBURY (+9.6%), STERLING (+9.6%) and CHAMS (+9.5%) while NEIMETH (-9.7%), LEARNAFRICA (-7.7%) and WAPIC (-5.7%) were the top decliners. We expect bargain hunting to lift the benchmark index in subsequent trading sessions.
Market Statistics for Wednesday, 1st July 2020
|Market Cap (N’bn)||12,830.2|
|Market Cap (US$’bn)||35.5|
|NSE All-Share Index||24,595.05|
|Daily Performance %||0.4|
|WTD Performance %||(2.3)|
|MTD Performance %||(2.7)|
|QTD Performance %||0.5|
|YTD Performance %||(8.4)|
|Daily Volume (Million)||198.0|
|Daily Value (N’bn)||1.0|
|Daily Value (US$’m)||2.9|