The local bourse opened the week in the green as the benchmark index advanced 30bps to close at 23,089.86 points due to price appreciation in MTNN (+3.6%), UBN (+3.7%) and DANGSUGAR (+2.8%). Consequently, investors gained ₦35.9bn as market capitalisation rose to ₦12.0tn while YTD loss moderated to -14.0%. Activity level waned as volume and value traded fell 30.5% and 26.5% to 249.9m units and ₦2.4bn respectively. The most active stocks by volume were GUARANTY (44.5m units), FBNH (40.7m units) and UBA (24.8m units) while GUARANTY (₦935.2m), ZENITH (₦328.5m) and FBNH (₦187.4m) led the value chart.
Sector performance was mixed as 3 of 6 indices that we cover gained. The AFR-ICT and Oil & Gas indices led gainers, up 2.0% and 0.7% respectively following buying interest in MTNN (+3.6%), ARDOVA (+10.0%) and OANDO (+1.2%). Similarly, the Consumer Goods index appreciated 15bps on the back of gains in VITAFOAM (+3.8%) and DANGSUGAR (+2.8%). On the flip side, the Insurance and Industrial Goods indices slipped 2.0% and 1.3% respectively due to price declines in NEM (-10.0%), LASACO (-3.7%) and WAPCO (-4.6%) while losses in ACCESS (-7.6%) and FIDELITY (-5.0%) dragged the Banking index 0.2% lower.
Investor sentiment as measured by market breadth (advance/decline ratio) fell to 0.8x from the 1.6x recorded in the previous session as 15 stocks gained relative to 19 losers. The top gainers were PRESTIGE (+10.0%), ARDOVA (+10.0%) and WAPIC (+7.7%) while NEM (-10.0%), NEIMETH (-10.0%) and CHAMS (-8.7%) were top losers. We expect bargain hunting to continue to buoy positive performance in the near term.
Corporate Actions
PZ Cussons Nigeria Plc (Unaudited Q3:2019 Result): Revenue rose 3.9% Y-o-Y to ₦20.8bn from ₦20.0bn in Q3:2018 while the company recorded loss after tax of (₦1.9bn) from (₦414.2m) in Q3:2018.
Okomu Oil Palm Plc (Unaudited Q1:2020 Result): Turnover surged 65.5% Y-o-Y to ₦6.9bn from ₦4.2bn in Q1:2019 while PAT surged 101.4% Y-o-Y to ₦2.0bn from ₦1.0bn in Q1:2019.
Market Statistics for Monday, 4th May 2020
| Market Cap (N’bn) | 12,033.4 |
| Market Cap (US$’bn) | 33.4 |
| NSE All-Share Index | 23,089.86 |
| Daily Performance % | 0.3 |
| WTD Performance % | 0.3 |
| MTD Performance % | 0.3 |
| QTD Performance % | 8.4 |
| YTD Performance % | (14.0) |
| Daily Volume (Million) | 249.8 |
| Daily Value (N’bn) | 2.4 |
| Daily Value (US$’m) | 6.7 |
Source: Afrinvest
