Gains in bellwethers – ZENITH (+3.7%), GUARANTY (+1.3%) and NIGERIAN BREWERIES (+3.2%) – lifted the All-Share index 31bps higher to settle at 24,841.94 points. Thus, investors gained ₦39.6bn as market capitalisation increased to ₦13.0tn while YTD loss eased to -7.5%. Activity level was mixed as volume traded declined 17.2% to 154.4m units while value traded advanced 11.3% to ₦1.5bn. The top traded stocks by volume were TRANSCORP (13.5m units), FBNH (11.7m units) and WAPCO (9.0m units) while NIGERIAN BREWERIES (₦283.8m), GUARANTY (₦175.1m) and MTNN (₦140.4m) led by value.
Performance across sectors was bullish as 5 of 6 indices under our coverage advanced save the Industrial Goods index which declined 3bps owing to a price decline in CAP (-9.9%). The Insurance and Banking indices advanced 2.7% and 1.6% respectively due to buying interest in MANSARD (+9.7%), AIICO (+4.7%), ZENITH (+3.7%) and GUARANTY (+1.3%). Similarly, the AFR-ICT and Oil & Gas indices rose 0.5% and 0.2% respectively owing to price appreciation in MTNN (+0.1%), SEPLAT (+3.5%) and OANDO (+2.2%). Finally, gains in NIGERIAN BREWERIES (+3.2%) and FLOURMILL (+4.0%) drove the Consumer Goods index 0.1% higher to close trade for the day.
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 2.3x from the 1.2x recorded previously as 23 stocks advanced against the 10 decliners. The top gainers were MANSARD (+9.7%), UACN (+8.7%) and JAIZBANK (+7.3%) while CAP (-9.9%), TOTAL (-9.9%) and ARDOVA (-9.7%) lost the most. We expect market performance for the week to be majorly dictated by the trend in earnings releases.
Market Statistics for Tuesday, 4th August 2020
| Market Cap (N’bn) | 12,959.02 |
| Market Cap (US$’bn) | 34.0 |
| NSE All-Share Index | 24,841.94 |
| Daily Performance % | 0.3 |
| WTD Performance % | 0.6 |
| MTD Performance % | 0.6 |
| QTD Performance % | 1.5 |
| YTD Performance % | (7.5) |
| Daily Volume (Million) | 154.4 |
| Daily Value (N’bn) | 1.5 |
| Daily Value (US$’m) | 3.8 |
