The equities market opened the week bearish as the All-Share Index lost 127bps due to sell-offs in BUACEMENT (-5.0%), NESTLE (-6.6%) and AIRTELAF (-3.5%) to close at 24,109.65 points. Consequently, market capitalisation declined to ₦12.5tn as investors lost ₦161.7bn while YTD loss worsened to -10.5%. Activity level was positive as volume and value traded increased by 33.5% and 90.1% to 189.7m units and ₦2.8bn respectively. The most active stocks by volume were GUARANTY (60.5m units), ACCESS (25.3m units) and UBA (8.8m units) while GUARANTY (₦1.3bn), NESTLE (₦374.1m) and SEPLAT (₦168.9m) led by value.
Performance across sectors was bearish as 4 of 6 indices that we cover lost. The Consumer and Industrial Goods indices recorded the worst performance, shedding 3.2% and 2.4% respectively owing to sell-pressures in NESTLE (-6.5%), BUACEMENT (-5.0%) and DANGCEM (-0.4%). Similarly, losses in AIRTELAF (-3.5%) and OANDO (-0.4%) saw the AFR-ICT and Oil & Gas indices weaken by 1.6% and 4bps respectively. On the flip side, the Banking and Insurance indices posted gains, advancing 1.5% and 1.1% respectively following bargain hunting in ZENITH (+5.3%), GUARANTY (+1.0%), CORNERSTONE (+10.0%) and AIICO (+4.7%).
Investor sentiment as measured by market breadth (advance/decline ratio) rose to 0.8x from the 0.3x recorded in the previous session as 14 stocks advanced against the 17 that declined. The top gainers were NAHCO (+10.0%), CORNERSTONE (+10.0%) and ZENITHBANK (+5.2%) while BETAGLAS (-9.9%), JBERGER (-9.8%) and LIVESTOCK (-9.7%) were the top decliners. We expect bargain hunting to drive gains in the next trading session.
Market Statistics for Monday, 6th July 2020
| Market Cap (N’bn) | 12,533.4 |
| Market Cap (US$’bn) | 32.5 |
| NSE All-Share Index | 24,026.05 |
| Daily Performance % | (1.3) |
| WTD Performance % | (1.3) |
| MTD Performance % | (1.9) |
| QTD Performance % | (1.9) |
| YTD Performance % | (10.5) |
| Daily Volume (Million) | 189.7 |
| Daily Value (N’bn) | 2.8 |
| Daily Value (US$’m) | 7.2 |
Source: Afrinvest
