The stock market sustained previous day’s positive performance as gains in MTNN (+2.6%), AIRTELAF (+2.4%) and GUARANTY (+2.3%) drove the benchmark index up 82bps to settle at 24,330.06 points. Consequently, investors gained ₦12.6bn as market capitalisation advanced to ₦12.7tn while YTD loss moderated to -9.4%. Activity level waned as average volume and value traded declined by 0.4% and 43.9% to 207.4m units and ₦1.0bn respectively. The top traded stocks by volume were STERLING (60.1m units), FBNH (20.7m units) and JAPAULOIL (17.3m units) while AIRTELAF (₦104.7m), FBNH (₦103.4m) and GUARANTY (₦85.3m) led by value.
Performance across sectors under our coverage was mixed as 3 of 6 indices advanced, 2 declined while the Industrial Goods index closed flat. The AFR-ICT (+2.5%) and Banking (+1.0%) indices gained the most, due to buying interest in MTNN (+2.6%), AIRTELAF (+2.4%) and GUARANTY (+2.3%). Similarly, price appreciation in WAPIC (+0.9%) and PRESTIGE (+0.8%) drove gains in the Insurance index (+0.1%). On the flip side, the Consumer Goods (-0.5%) and Oil & Gas (-0.3%) indices depreciated, due to sell-offs in UNILEVER (-5.9%), FLOURMILL (-5.0%) and OANDO (-3.0%).
Investor sentiment as measured by market breadth (advance/decline ratio) rose to 1.1x from the 0.7x recorded in the previous session as 17 stocks advanced against the 16 decliners. The top gainers were IKEJAHOTEL (+9.8%), PRESCO (+9.3%) and CADBURY (+7.4%) while NAHCO (-9.2%), UNITYBNK (-8.2%) and ETI (-7.4%) lost the most. We expect the local bourse to close the week negative following possible profit-taking activities.
Market Statistics for Thursday, 16th July 2020
| Market Cap (N’bn) | 12,692.0 |
| Market Cap (US$’bn) | 32.9 |
| NSE All-Share Index | 24,330.06 |
| Daily Performance % | 0.8 |
| WTD Performance % | 0.1 |
| MTD Performance % | (0.5) |
| QTD Performance % | (0.5) |
| YTD Performance % | (9.4) |
| Daily Volume (Million) | 207.4 |
| Daily Value (N’bn) | 1.0 |
| Daily Value (US$’m) | 2.6 |
Source: Afrinvest
