In today’s session, gain resurfaced in the equities market as the benchmark index rose 30bps due to bargain hunting in AIRTELAF (+3.7%), BUACEMENT (+2.5%) and ZENITH (+1.9%) to close at 24,097.48 points. Consequently, market capitalisation advanced ₦37.3bn to settle at ₦12.6tn while YTD loss improved to -10.2%. Activity level fell as volume and value traded decreased by 18.0% and 7.1% to 155.5m units and ₦2.6bn respectively. The most active stocks by volume were GUARANTY (19.7m units), ACCESS (13.0m units) and MTNN (10.2m units) while MTNN (₦1.2bn), GUARANTY (₦413.8m) and ZENITHBA (₦129.8m) led by value.
Performance across sectors was mixed as 3 of 6 indices that we cover gained. The AFR-ICT advanced 1.1% to top gainers on the the back of price appreciation in AIRTELAF (+3.7%). Similarly, the Banking and Industrial Good indices advanced 0.9% and 0.1% respectively following bargain hunting in ZENITH (+1.9%), UBA (+2.5%) and BUACEMENT (+2.5%). Conversely, the Insurance index pulled back by 1.9% to top the laggards due to profit taking in CUSTODIAN (-9.1%) and MANSARD (-9.7%). In the same vein, the Consumer Goods and Oil & Gas indices lost 0.5% and 2bps respectively due to sell-offs in UNILEVER (-9.8%), NASCON (-5.0%) and MRS (-9.8%).
Investor sentiment as measured by market breadth (advance/decline ratio) rose to 0.9x from the 0.8x recorded in the previous session as 17 stocks advanced against the 18 that declined. The top gainers were REDSTAREX (+9.8%), WAPIC (+6.1%) and CILEASING (+5.3%) while OKOMUOIL (-9.9%), MRS (-9.8%) and UNILEVER (-9.8%) were the top decliners. Given the low prices, we expect bargain hunting to continue in the near term.
Market Statistics for Tuesday, 7th July 2020
|Market Cap (N’bn)||12,570.7|
|Market Cap (US$’bn)||32.5|
|NSE All-Share Index||24,097.48|
|Daily Performance %||0.3|
|WTD Performance %||(1.0)|
|MTD Performance %||(1.0)|
|QTD Performance %||(1.6)|
|YTD Performance %||(10.2)|
|Daily Volume (Million)||155.5|
|Daily Value (N’bn)||2.6|
|Daily Value (US$’m)||6.7|