Home Stock Market Bargain hunting halts Bearish momentum, investors gain N50.1bn

Bargain hunting halts Bearish momentum, investors gain N50.1bn

by Business News Report

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

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