The equities market sustained its bearish trend following price depreciation in ZENITH (-3.5%), DANGSUGAR (-9.8%) and GUARANTY (-1.4%) which dragged the All-Share Index (ASI) down 35bps to 28,432.27 points. Consequently, market capitalisation fell ₦52.1bn to ₦14.7tn as YTD return worsened to 5.9%. Activity level was mixed as volume traded rose 3.4% to 254.9m units while value traded decreased 3.1% to ₦3.0bn. The top traded stocks by volume were ZENITH (68.5m units), FBNH (32.7m units) and ACCESS (28.8m units) while ZENITH (₦1.3bn), GUARANTY (₦384.7m) and ACCESS (₦259.5m) led by value.
Sector performance was poor as all indices under our coverage lost save the AFR-ICT index which closed flat. The Banking index led the bears with a 1.1% loss as a result of sustained sell-offs in ZENITH (-3.5%), GUARANTY (-1.4%) and FBNH (-1.7%). Similarly, the Industrial Goods (-8bps) and Insurance (-65bps) indices trailed on the back of losses in CAP (-9.6%) as well as NEM (-10.0%) and CHIPLC (-5.7%). Price weakness in DANGSUGAR (-9.8%) and OANDO (-1.4%) dragged the Consumer Goods and Oil & Gas indices 82bps and 18bps lower respectively.
Investor sentiment as measured by market breadth (advance/decline ratio) remained unchanged at 0.3x as 7 stocks gained as opposed to 23 losers. The best performing stocks for the day were WAPIC (+10.0%), UBN (+10.0%) and LAWUNION (+9.1%) while NEM (-10.0%), ROYALEX (-10.0%) and DANGSUGAR (-9.8%) lost the most. For the rest of the week, we expect corporate earnings release to dictate the direction of the equities market.
Market Statistics for Tuesday, 4th February 2020
| Market Cap (N’bn) | 13,645.3 |
| Market Cap (US$’bn) | 40.7 |
| NSE All-Share Index | 28,432.27 |
| Daily Performance % | (0.4) |
| W/W Performance % | (0.4) |
| MTD Performance % | (0.4) |
| QTD Performance % | 5.9 |
| YTD Performance % | 5.9 |
| Daily Volume (Million) | 254.9 |
| Daily Value (N’bn) | 3.0 |
| Daily Value (US$’m) | 8.5 |
Source: Afrinvest
