Bullish sentiment on the domestic bourse… ASI up 0.2%

Gains in NPFMCRFB (+9.5%), STANBIC (+9.4%) and TRANSCORP (+8.9%) moved the All-Share Index up 19bps to 21,741.16 points. Consequently, YTD return eased to -19.0% while market capitalisation appreciated ₦20.9bn to ₦11.3tn. Activity level waned as volume and value traded fell 28.9% and 7.7% to 330.1m units and ₦3.6bn respectively. The most active stocks by volume were GUARANTY (78.9m units), ZENITH (77.9m units) and ACCESS (36.0m units) while GUARANTY (₦1.3bn), ZENITH (₦852.9m) and NESTLE (₦484.6m) led by value.  

Sector performance was mixed as 3 of 6 indices under our coverage gained. The Oil & Gas index led the gainers, up 0.3% due to price appreciation in OANDO (+7.0%). Similarly, the  Insurance and Industrial Goods indices inched higher by 12bps  and 2bps respectively due to gains in WAPIC (+4.8%) and CAP (+2.4%). On the flip side, the Banking and Consumer Goods indices declined 33bps and 24bps respectively due to sell-offs in ETI (-9.0%), UBN (-7.7%), NASCON (-9.6%) and CADBURY (-8.9%). Finally, the AFR-ICT index closed flat. 

Investor sentiment as measured by market breadth (advance/decline ratio) improved to 1.8x from the 0.4x recorded in the previous trading session as 18 stocks advanced relative to 10 decliners. The best performers were NPFMCRFBK (+9.5%), STANBIC (+9.4%) and TRANSCORP (+8.9%) while CAVERTON (-10.0%), CONOIL (-9.9%) and NASCON (-9.6%) led the laggards. We are not optimistic of a positive trend in the market as the COVID-19 continues to spread in the country.

Market Statistics for Tuesday, 24th March 2020 

Market Cap (N’bn) 11,329.9
Market Cap (US$’bn) 31.5
NSE All-Share Index 21,741.16
Daily Performance % 0.2
WTD Performance % (2.1)
MTD Performance % (17.1)
QTD Performance % (19.0)
YTD Performance % (19.0)
Daily Volume (Million) 330.1
Daily Value (N’bn) 3.6
Daily Value (US$’m) 9.9

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