Today, the All-Share index gained 124bps to 20,925.19 points following bargain hunting in MTNN (+3.0%), ZENITH (+7.5%) and UBA (+9.0%). Accordingly, YTD return moderated to -22.0% while investors gained ₦133.3bn as market capitalisation increased to ₦10.9tn. Activity level improved as volume and value traded rose 1.8% and 20.3% to 342.6m units and ₦5.0bn respectively. The most active stocks by volume were GUARANTY (161.1m units), FBNH (32.4m units) and ZENITH (28.6m units) while GUARANTY (₦2.9bn), NESTLE (₦591.7m) and MTNN (₦383.3m) led the value chart.
Sectors under our coverage returned a mixed performance today. The Insurance index led the laggards, down 2.2% following losses in MANSARD (-9.7%). Likewise, sell pressures in ARDOVA (-9.8%), CADBURY (-10.0%) and FLOURMILL (-2.3%) dragged the Oil & Gas (0.6%) and Consumer Goods (0.1%) indices down. Conversely, the Banking and AFR-ICT indices gained 3.2% and 1.5% respectively due to buying interest in ZENITH (+7.5%), UBA (+9.0%) and MTNN (+3.0%). Lastly, gains in WAPCO (+9.7%) boosted performance in the Industrial Goods index (0.3%).
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 2.3x from the 1.6x recorded yesterday as 23 stocks gained relative to 10 decliners. The best performers were FBNH (+10.0%), STERLNBANK (+9.9%) and FIDELITY (+9.8%) while CADBURY (-10.0%), ARDOVA (-9.8%) and MANSARD (-9.7%) led the laggards. We attribute today’s positive performance to bargain hunting albeit, we expect the bearish run to resume as investors maintain risk-off approach.
Market Statistics for Tuesday, 7th April 2020
| Market Cap (N’bn) | 10,905.2 |
| Market Cap (US$’bn) | 30.3 |
| NSE All-Share Index | 20,925.19 |
| Daily Performance % | 1.2 |
| WTD Performance % | (0.8) |
| MTD Performance % | (1.8) |
| QTD Performance % | (1.8) |
| YTD Performance % | (22.0) |
| Daily Volume (Million) | 342.6 |
| Daily Value (N’bn) | 5.0 |
| Daily Value (US$’m) | 13.8 |
Source: Afrinvest
