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 |
Source: Afrinvest
