The Nigerian equities market erased yesterday’s gains as the All-Share Index declined 38bps to close at 25,312.05 points due to profit-taking in MTNN (-1.7%), GUARANTY (-2.0%) and ZENITH (-1.8%). Consequently, investors lost ₦50.1bn as market capitalisation settled at ₦13.3tn while YTD loss worsened to -5.7%. Activity level weakened as volume and value traded fell 23.5% and 24.7% to 270.2m units and ₦5.3bn respectively. The most active stocks by volume were FBNH (41.4m units), ZENITH (25.2m units), and FCMB (22.1m units) while DANGCEM (₦2.6bn), MTNN (₦1.0bn) and GUARANTY (₦465.3m) led by value.
Performance across sectors under our coverage was bearish as 4 indices declined relative to 2 gainers. The Banking (-2.1%) and AFR-ICT (-1.0%) indices lost the most, following profit-taking in GUARANTY (-2.0%), ZENITH (-1.8%) and MTNN (-1.7%) respectively. Likewise, sell pressures in OANDO (-3.6%) and LASACO (-7.4%) dragged the Oil & Gas (-0.6%) and Insurance (-0.4%) indices lower. On the flip side, price appreciation in DANGSUGAR (+6.8%) and DANGCEM (+1.0%) buoyed gains in the Consumer (+0.9%) and Industrial (0.2%) Goods indices respectively.
Investor sentiment as measured by market breadth (advance/decline ratio) was unchanged at 0.9x recorded in the previous trading session as 15 stocks gained relative to 17 losers. The top gainers were UAC-PROP (+10.0%), LINKASSURE (+9.8%) and NEIMETH (+9.5%) while CUTIX (-9.6%), LASACO (-7.4%) and CUSTODIAN (-7.1%) led the laggards. We expect the stock market to close in the green this week.
Market Statistics for Thursday, 4th June 2020
| Market Cap (N’bn) | 13,204.3 |
| Market Cap (US$’bn) | 36.7 |
| NSE All-Share Index | 25,312.05 |
| Daily Performance % | (0.4) |
| One Week Performance % | 0.2 |
| MTD Performance % | 0.2 |
| QTD Performance % | 18.8 |
| YTD Performance % | (5.7) |
| Daily Volume (Million) | 270.2 |
| Daily Value (N’bn) | 5.3 |
| Daily Value (US$’m) | 14.7 |
