Losses in Industrial Goods stocks – BUACEMENT (-10.0%), DANGCEM (-0.8%) and WAPCO (-7.4%) – resulted in a 153bps dip in the benchmark index to settle at 24,479.16 points. As a result, YTD loss worsened to -8.8% while market capitalisation declined ₦198.1bn to ₦12.8tn. Activity level advanced as volume and value traded rose 76.8% and 91.9% to 280.7m units and ₦3.1bn respectively. The most active stocks by volume were FBNH (68.2m units), NIGERIAN BREWERIES (22.5m units) and JAPAULOIL (17.8m units) while NIGERIAN BREWERIES (₦805.4m), DANGCEM (₦612.0m) and NESTLE (₦369.3m) led by value.
Sectors under our coverage recorded a bearish performance as 4 of 6 indices trended southward. The Industrial Goods index led the losers following sell-offs in BUACEMENT (-10.0%), DANGCEM (-0.8%) and WAPCO (-7.4%). Trailing, the Banking and Oil & Gas indices fell 1.3% and 0.4% respectively as prices in UBN (-6.4%), GUARANTY(-1.3%) and OANDO (-4.2%) declined. Similarly, sell-offs in MBENEFIT (-8.7%) pulled the Insurance index down 4bps. Meanwhile, the Consumer Goods index was the lone gainer, up 0.2% due to price appreciation in NIGERIAN BREWERIES (+3.1%) and VITAFOAM (+5.5%). Finally, AFR-ICT index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.3x from the 0.6x recorded in the previous session as 10 stocks advanced against 34 losers. The top gainers were NEIMETH (+10.0%), OKOMUOIL (+9.9%) and ABCTRANS (+9.8%) while CADBURY (-10.0%), BUACEMENT (-10.0%) and UNITYBNK (-9.4%) were the top decliners. Although profit taking was the tone of the market today, we expect to see bargain hunting in subsequent trading sessions.
Corporate Actions/Disclosure
C & I Leasing Plc Audited FY:2019 Financial performance highlight: Gross earnings rose 15.5% y/y to settle at ₦32.6bn. However, PAT fell 21.6% y/y to ₦939.4m from ₦1.2bn.
Etranzact International Plc Unaudited Q1:2020 Financial performance highlight: Revenue climbed 5.8% y/y to settle at ₦5.9bn. Nevertheless, PAT fell 301.1% y/y to a loss of ₦182.5m.
Transcorp Hotel Plc shareholders have approved its proposed ₦10.0bn Rights Issue to fortify its balance sheet. The issue of 2,659,574,468 Ordinary Shares of 50 kobo each is based on 7 for 20 shares at a price of ₦3.76 per share.
Market Statistics for Tuesday, 30th June 2020
| Market Cap (N’bn) | 12,769.8 |
| Market Cap (US$’bn) | 35.5 |
| NSE All-Share Index | 24,479.16 |
| Daily Performance % | (1.5) |
| WTD Performance % | (2.8) |
| MTD Performance % | (3.1) |
| QTD Performance % | 14.9 |
| YTD Performance % | (8.8) |
| Daily Volume (Million) | 280.7 |
| Daily Value (N’bn) | 3.1 |
| Daily Value (US$’m) | 8.7 |
Source: Afrinvest
