In today’s trade, the bulls held on to gains as the local bourse advanced 302bps to close at 22,539.94 points due to price appreciation in DANGCEM (+10.0%), ZENITH (+9.7%) and GUARANTY (+7.1%). Consequently, investors gained ₦300.0bn as market capitalisation rose to ₦11.7tn while YTD loss moderated to -16.0%. Activity level was mixed as value traded advanced 26.9% to ₦3.3bn while volume traded declined 41.4% to 326.4m units. The most active stocks by volume were FBNH (74.8m units), ZENITH (72.1m units) and GUARANTY (36.8m units) while ZENITH (₦1.1bn), GUARANTY (₦794.0m) and FBNH (₦354.2m) led the value chart.
Performance was bullish as 4 of 6 indices that we cover advanced. The Banking and Industrial Goods indices led gainers, up 4.5% and 3.0% respectively following bargain hunting in ZENITH (+9.7%), GUARANTY (+7.1%) and DANGCEM (+10.0%). Similarly, the Consumer Goods (+2.5%) and Oil & Gas (+1.1%) indices closed positive on the back of gains in DANGSUGAR (+8.6%), NIGERIAN BREWERIES (+9.8%) and OANDO (+9.9%). Meanwhile, the Insurance index slipped 0.5% due to price decline in NEM (-3.4%) while the AFR-ICT index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) rose to 2.5x from the 2.4x recorded in the previous session as 27 stocks gained relative to 11 losers. The top gainers were CHAMPION (+10.0%), DANGCEM (+10.0%) and NEIMETH (+10.0%) while ARBICO (-9.8%), WEMABANK (-9.7%) and CUTIX (-9.1%) were top losers. We expect bargain hunting to continue to buoy positive performance in the near term.
Market Statistics for Wednesday, 15th April 2020
| Market Cap (N’bn) | 11,746.8 |
| Market Cap (US$’bn) | 32.6 |
| NSE All-Share Index | 22,539.94 |
| Daily Performance % | 3.0 |
| WTD Performance % | 5.8 |
| MTD Performance % | 5.8 |
| QTD Performance % | 2.7 |
| YTD Performance % | (16.0) |
| Daily Volume (Million) | 326.4 |
| Daily Value (N’bn) | 3.3 |
| Daily Value (US$’m) | 9.3 |
Source: Afrinvest
