The All-Share Index lost 90bps following price declines in GUARANTY (-5.3%), ZENITH (-5.7%) and UBN (-9.3%) to close at 24,374.40 points. Consequently, market capitalisation declined ₦115.1bn to ₦12.7tn while YTD loss worsened to -9.2%. Activity level was mixed as volume traded fell 9.0% to 180.1m units while value traded rose 78.2% to ₦1.8bn. The most active stocks by volume were UBA (23.9m units), FBNH (21.6m units) and GUARANTY (21.1m units) while GUARANTY (₦446.0m), ZENITH (₦236.5m) and AIRTELAFRI (₦232.0m) led by value.
Across sectors under our coverage, performance was largely bearish as all indices lost save the AFR-ICT index that closed flat. The Banking index (-4.6%) led the pack following sell-offs in GUARANTY (-5.3%), ZENITH (-5.7%) and UBN (-9.3%). Similarly, the Insurance (-1.0%) and Consumer Goods (-0.9%) indices dipped as CORNERSTONE (-9.1%), AIICO (-1.1%), UNILEVER (-9.8%) and FLOURMILL (-5.4%) lost. Trailing, the Oil & Gas and Industrial Goods indices fell 0.3% and 2bps respectively due to sell pressures in OANDO (-3.4%) and WAPCO (-0.5%).
Investor sentiment as measured by market breadth (advance/decline ratio) declined to 0.3x from the 0.5x recorded in the previous session as 7 stocks gained against 26 decliners. The top gainers were NEIMETH (+9.4%), JAIZBANK (+7.3%) and UNITYBNK (+6.4%) while CAPHOTEL (-10.0%), GLAXOSMITH (-10.0%) and UNILEVER (-9.8%) were the top decliners. We expect bargain hunting to buoy performance in the next trading session.
Market Statistics for Thursday, 2nd July 2020
| Market Cap (N’bn) | 12,715.2 |
| Market Cap (US$’bn) | 35.3 |
| NSE All-Share Index | 24,374.40 |
| Daily Performance % | (0.9) |
| WTD Performance % | (3.2) |
| MTD Performance % | (0.4) |
| QTD Performance % | (0.4) |
| YTD Performance % | (9.2) |
| Daily Volume (Million) | 180.1 |
| Daily Value (N’bn) | 1.8 |
| Daily Value (US$’m) | 5.1 |
Source: Afrinvest
