Guaranty Trust Bank Plc, Unaudited Q1:2020 Result result released at the floor of the Nigerian Stock Exchange showed that the bank’s gross earnings grew 2.3 per cent Y-o-Y to ₦112.9 billion from ₦110.2 billion in Q1:2019 while PAT rose slightly by 1.6 per cent Y-o-Y to ₦50.1 billion from ₦49.3 billion in Q1:2019. Also Nigerian Breweries Plc reported unaudited Q1:2020 Result that showed that its revenue declined 0.1 per cent Y-o-Y to ₦83.2 billion from ₦83.3 billion in Q1:2019 while PAT also fell 0.6 per cent Y-o-Y to ₦5.50 billion from ₦5.54 billion in Q1:2019.
Meanwhile gains in ZENITH (+5.4%), WAPCO (+9.7%) and BUACEMENT (+0.9%) buoyed market performance as the All-Share Index appreciated 66bps to close at 22,780.30 points. Consequently, market capitalisation advanced ₦78.4bn to settle at ₦11.9tn while YTD loss moderated to -15.1%. Activity level weakened as volume and value traded fell 25.6% and 20.3% respectively to 186.2m units and ₦1.9bn. The top traded stocks by volume were ZENITH (40.0m units), FBNH (30.7m units) and GUARANTY (25.8m units) while GUARANTY (₦486.8m), ZENITH (₦420.5m) and WAPCO (₦192.5m) led the value chart.
Sector performance was bullish as 4 of 6 indices under our coverage gained. Bargain hunting in ZENITH (+5.4%), GUARANTY (+3.4%) and UBN (+1.2%) drove gains in the Banking (+2.8%) index to top the gainers. Likewise, buying interest in NEM (+10.0%) and WAPCO (+9.7%) spurred increases in the Insurance (+2.0%) and Industrial Goods (+1.4%) indices. The Oil & Gas index trailed, advancing marginally by 0.2% following price appreciation in OANDO (+2.2%). Conversely, sell pressure in GUINNESS (-6.4%) drove decline in the Consumer Goods (-0.2%) index to emerge as the lone laggard while the AFR-ICT index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) rose sharply to 6.3x from the 0.1x recorded in the previous session as 19 stocks advanced against 3 decliners. The best performing stocks were NEM (+10.0%), WAPCO (+9.7%) and LIVESTOCK (+7.7%) while UNIONDAC (-6.5%), GUINNESS (-6.4%) and CAVERTON (-4.3%) lost the most. We expect trading to remain mixed for the rest of the week.
Market Statistics for Wednesday, 22nd April 2020
| Market Cap (N’bn) | 11,872.0 |
| Market Cap (US$’bn) | 33.0 |
| NSE All-Share Index | 22,780.30 |
| Daily Performance % | 0.7 |
| WTD Performance % | (0.6) |
| MTD Performance % | 6.9 |
| QTD Performance % | 6.9 |
| YTD Performance % | (15.1) |
| Daily Volume (Million) | 186.2 |
| Daily Value (N’bn) | 1.9 |
| Daily Value (US$’m) | 5.1 |
Source: Afrinvest
