At the Nigerian stock market bargain hunting in MTNN (+4.4%), WAPCO (+3.0%) and GUARANTY (+0.8%) moved the All-Share Index up 36bps to 27,871.90 points. Consequently, YTD return rose to 3.8 per cent and market capitalisation increased ₦51.9 billion to ₦14.5 trillion. Activity level improved as volume and value traded rose 38.0 per cent and 92.8 per cent to 276.3 million units and ₦3.7 billion respectively. In terms of volume, the banking tickers – UBA (49.5m units), GUARANTY (41.4m units) and ZENITH (30.2m units) led while GUARANTY (₦1.2bn), ZENITH (₦604.8m) and MTNN (₦537.7m) led by value.
Across sectors, only 2 of the 6 indices that we track gained. The Consumer Goods (-1.3%) index led the laggards on the back of losses in DANGSUGAR (-4.5%) and INTBREW (-8.8%). The Industrial Goods (-0.8%) and Insurance (-0.6%) indices trailed, due to price declines in LINKASSURE (-8.9%), SOVRENINS (-9.1%) and BUACEMENT (-1.9%). Similarly, losses in GUARANTY (-1.0%) and ETI (-2.1%) dragged the Banking index (-0.4%). On the bright side, the AFR-ICT index (+2.5%) and Oil & Gas (+5bps) indices gained following bargain hunting in MTNN (+4.4%), and OANDO (+1.5%).
Investor sentiment as measured by market breadth (advance/decline ratio) declined to 0.8x from the 1.0x recorded in the previous trading session as 13 stocks advanced relative to 16 decliners. UACN (+9.4%), JAPAULOIL (+8.3%) and CADBURY led the gainers (+4.4%) while CAVERTON (-9.9%), MRSOIL (-9.8%) and SOVRENINS (-9.1%) led the laggards. Despite today’s positive performance, we maintain a bearish outlook on the market due to waning investor sentiment.
Today’s Corporate Actions
Access Bank Plc notified the investing public of its board’s approval of the group’s audited financial statements for the year ended December 31, 2019. Also, Mr Abba Mamman Tor Habib Resigned as a non-executive director of the bank.
Custodian Investment Plc notified the investing public of board meeting scheduled to hold on February 27, 2020 and the resultant ‘closed’ period to begin February 12, 2020 until 24hours after the release of the audited financial statements.
Cutix Plc notified the investing public of board meeting scheduled to hold on February 27, 2020 and the consequent ‘closed’ period to begin February 12, 2020 until 24hours after the release of the audited financial statements.
Ecobank Group announced a cross-border remittance agreement with Alipay. The partnership aims to improve financial inclusion by facilitating instant transfers from ‘Rapidtransfer’ – Ecobank’s remittance solution – to users of Alipay.
Market Statistics for Tuesday, 11th February 2020
| Market Cap (N’bn) | 14,516.4 |
| Market Cap (US$’bn) | 40.3 |
| NSE All-Share Index | 27,871.90 |
| Daily Performance % | 0.4 |
| WTD Performance % | (0.7) |
| MTD Performance % | (3.4) |
| QTD Performance % | 3.8 |
| YTD Performance % | 3.8 |
| Daily Volume (Million) | 276.3 |
| Daily Value (N’bn) | 3.7 |
| Daily Value (US$’m) | 10.3 |
Source: Afrinvest
