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|