Price depreciation in MTNN (-4.2%), ZENITH (-1.5%) and NEM (-7.3%) drove the All-Share Index down 67bps to 27,694.62 points. Consequently, YTD return moderated to 4.8% while market capitalisation fell ₦98.6bn to ₦14.4tn. Activity level was mixed as volume traded declined 1.1% to 150.7m while value traded rose 14.2% to ₦2.8bn respectively. The most active stocks by volume were ZENITH (25.4m units), FLOURMILL (25.1m units) and UCAP (21.8m units) while MTNN (₦792.6m), FLOURMILL (₦574.5m) and ZENITH (₦502.4m) led by value.
Across sectors, performance was bearish as only 1 of 6 indices under our coverage gained. The AFR-ICT and Insurance indices led laggards, down 190bps and 108bps, due to sell offs in MTNN (-4.2%), LAWUNION (-9.8%) and NEM (-7.3%). Similarly, the Banking (-45bps) and Consumer Goods (-1bps) index trailed, on the back of losses in ZENITH (-0.3%) and HONEYFLOUR (-1.5%). Conversely, the Industrial Goods index (+79bps) was the lone gainer, due to price appreciation in BUACEMENT (+0.5%). Lastly, the Oil & Gas index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) improved to 0.9x from the 0.8x recorded in the previous trading session as 13 stocks advanced relative to 14 decliners. The best performers were UCAP (+10.0%), LEARNAFRCA (+9.7%) and WAPIC (+9.1%) while LAWUNION (-9.8%), JAPAULOIL (-8.3%) and NEM (-7.3%) led the laggards. We expect the bearish sentiment to persist for the rest of the week. However, we note that there are opportunities for bargain hunting.
Today’s Corporate Actions
Access Bank Plc notified the Nigerian Stock Exchange, its shareholders and the general public of the change of the Bank’s registered Head Office from Plot 999c, Danmole street, Victoria Island, Lagos to No 14/15, Prince Alaba Oniru Road, Oniru, Lagos effective from February 28, 2020.
NCR Nigeria PLC notified the Nigerian Stock Exchange, its shareholders and the general public of the appointment of Alsec Nominees Limited (Alsec) as NCR’s company secretary effective from January 23, 2020, following the resignation of Mrs. Olufunke Hussain as the company secretary.
Market Statistics for Thursday, 13th February 2020
| Market Cap (N’bn) | 14,497.3 |
| Market Cap (US$’bn) | 40.3 |
| NSE All-Share Index | 28,140.41 |
| Daily Performance % | 0.2 |
| WTD Performance % | (2.4) |
| MTD Performance % | (2.4) |
| QTD Performance % | 4.8 |
| YTD Performance % | 4.8 |
| Daily Volume (Million) | 317.2 |
| Daily Value (N’bn) | 3.4 |
| Daily Value (US$’m) | 9.5 |
Source: Afrinvest
