The local bourse recorded the first gain this week as the All-Share Index advanced 38bps to settle at 25,520.97 points owing to bargain hunting in ZENITH (+3.4%), GUARANTY (+1.9%) and MTNN (+0.4%). Consequently, market capitalisation rose to ₦13.3tn as investors gained ₦50.1bn while YTD loss improved to -4.9%. Activity level waned as volume and value traded decreased 13.2% and 42.7% respectively to 236.4m units and ₦1.6bn. The most traded stocks by volume were ZENITH (33.2m units), FIDELITY (30.0m units) and MBENEFIT (25.0m units) while ZENITH (₦546.8m), GUARANTY (₦221.9m) and SEPLAT (₦174.3m) led by value.
Sector performance was bullish as 4 of the 6 indices that we cover gained while 2 lost. The Insurance and Oil & Gas indices lost 1.7% and 1.3% respectively following sell pressures in CORNERSTONE (-7.6%), CUSTODIAN (-3.0%) and SEPLAT (-2.5%). On the other hand, the Banking and AFR-ICT indices were the best performing indicators, gaining 2.3% and 0.2% respectively, buoyed by price appreciation in ZENITH (+3.4%), GUARANTY (+1.9%) and MTNN (+0.4%). Similarly, the Consumer and Industrial Goods indices posted respective gains of 0.1% and 2bps, on the back of buying interest in NIGERIAN BREWERIES (+0.1%), HONYFLOUR (+4.4%) and WAPCO (+0.4%).
Investor sentiment as measured by market breadth (advance/decline ratio) rose to 1.8x from the 0.3x recorded previously as 22 stocks gained against the 12 that lost. The top gainers were ETERNA (+9.7%), CILEASING (+8.5%) and WEMABANK (+7.8%) while ABCTRANS (-7.7%), CORNERSTONE (-7.6%) and CHIPLC (-5.9%) lost the most. We expect the equities market to close the week on a bearish note. However, there are opportunities for bargain hunting,
Market Statistics for Thursday, 10th September 2020
| Market Cap (N’bn) | 13,313.9 |
| Market Cap (US$’bn) | 34.5 |
| NSE All-Share Index | 25,520.97 |
| Daily Performance % | 0.3 |
| WTD Performance % | (0.3) |
| MTD Performance % | 0.8 |
| QTD Performance % | 4.3 |
| YTD Performance % | (4.9) |
| Daily Volume (Million) | 236.4 |
| Daily Value (N’bn) | 1.6 |
| Daily Value (US$’m) | 4.1 |
Source: Afrinvest
