Sell-offs in MTNN (-0.8%), STANBIC (-3.5%) and GUINNESS (-6.5%) dragged the All-Share Index (ASI) down 17bps to 26,944.32 points. Hence, market capitalisation shed N22.3bn to settle at N13.0tn while YTD loss worsened to -14.3%. Activity level was however mixed as volume traded declined 23.3% to 189.0m units while value traded advanced by 18.3% to N2.9bn. The Banking stocks – FCMB (97.8m units), ZENITH (21.8m units) and FBNH (15.2m units) – led the top trades by volume while NIGERIAN BREWERIES (N614.9M), ZENITH (N406.8m) and DANGCEM (N352.6m) were the top traded stocks by value.
Performance across sectors was bearish as 3 of 6 indices under our coverage closed in the red. The Banking and Consumer Goods indices appreciated, up 0.4% and 0.1% respectively, due to gains in ZENITH (+1.1%), ACCESS (+1.1%), UNILEVER (+4.2%) and FLOURMILLS (+4.1%). Conversely, the Insurance and Industrial Goods indices fell 0.4% and 0.3% respectively, following declines in NEM (-5.0%), LAWUNION (-8.5%), WAPCO (-1.1%) and CAP (-1.2%). Likewise, losses in MTNN (-0.8%) drove a 0.4% depreciation in the AFR-ICT index. Lastly, the Oil & Gas index remained unchanged.
Investor sentiment as measured by market breadth (advance/decline ratio) was unchanged at 0.7x recorded yesterday as 13 stocks advanced against 19 decliners. UNILEVER (+9.9%), LAWUNION (+9.2%) and CHAMS (+8.6%) were the top performing stocks while SOVERENINS (-9.1%), UACN (-8.7%) and UNITYBANK (-8.5%) led laggards. We maintain a bearish outlook on the market in the near term as investors’ book profit following gains in the prior weeks.
Market Statistics Tuesday, 3rd December 2019
| Market Cap (N’bn) | 13,004.7 |
| Market Cap (US$’bn) | 36.1 |
| NSE All-Share Index | 26,944.32 |
| Daily Performance % | (0.2) |
| 1 Week Performance % | 0.2 |
| MTD Performance % | (0.2) |
| QTD Performance % | (2.5) |
| YTD Performance % | (14.3) |
| Daily Volume (Million) | 189.0 |
| Daily Value (N’bn) | 2.9 |
| Daily Value (US$’m) | 8.0 |
Source: Afrinvest
