The domestic equities market closed positive as buy interest in GUARANTY (+5.4%), ZENITH (+1.7%) and ACCESS (+1.2%) drove the benchmark index higher by 30bps to 35,147.62 points. Consequently, investors gained ₦55.2bn as market capitalisation rose to ₦18.4tn while YTD return improved to 30.9%. Activity level waned as volume and value traded fell 25.8% and 30.5% to 308.2m units and ₦3.4bn respectively. The most traded stocks by volume were ACCESS (43.4m units), FBNH (31.9m units) and MBENEFIT (24.4m units) while GUARANTY (₦859.2M), SEPLAT (₦431.9m) and ACCESS (₦376.5m) led by value.
Performance across sectors was bearish as 3 of the 6 indices under our coverage declined. The Banking and Oil & Gas indices gained, up 2.3% and 0.2% respectively, following price appreciation in GUARANTY (+5.4%), ZENITH (+1.8%) and SEPLAT (+0.4%). Conversely, the Insurance, AFR-ICT and Consumer Goods indices lost, down 1.2%, 0.1% and 0.1% respectively due to sell-offs in CORNERSTONE (-10.0%), MTNN (-0.1%) and GUINNESS (-2.9%) respectively. Lastly, the Industrial Goods index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.8x from the 0.6x recorded in the previous session as 16 stocks gained against the 21 that declined. CAVERTON (+9.9%), CUTIX (+9.8%) and AIICO (+9.8%) led the top gainers while CORNERSTONE (-10.0%), CHIPLC (-9.7%) and PRESTIGE (-9.1%) led the decliners. We expect the mild gains in the equities market to be sustained this week.
Market Statistics for Tuesday, 1st December 2020
| Market Cap (N’bn) | 18,364.8 |
| Market Cap (US$’bn) | 47.6 |
| NSE All-Share Index | 35,147.62 |
| Daily Performance % | 0.3 |
| WTD Performance % | 0.8 |
| MTD Performance % | 15.1 |
| QTD Performance % | 31.0 |
| YTD Performance % | 30.9 |
| Daily Volume (Million) | 308.2 |
| Daily Value (N’bn) | 3.4 |
| Daily Value (US$’m) | 8.8 |
Source: Afrinvest
