Local Bourse Posts Gains… ASI up 0.2%

Today, the domestic equities market recorded the first gain of the week as the All-Share Index rose 17bps to 27,568.91 points due to buying interest in BUACEMENT (+3.0%), UBN (+1.4%) and UCAP (+9.9%). Consequently, YTD return increased to 2.7% while market capitalisation advanced ₦23.9bn to ₦14.4tn. Activity level was mixed as volume traded rose 37.2% to 485.0m units while value traded fell 28.6% to ₦3.6bn. The most active stocks by volume were SOVRENINS (200.0m units), GUARANTY (56.3m units) and ZENITH (36.7m units) while GUARANTY (₦1.6bn), ZENITH (₦713.9m) and UBA (₦247.5m) led by value.

Across sectors, performance was mixed as 3 of 6 indices under our coverage trended southward. The Oil & Gas index led laggards, down 0.9% due to price depreciation in OANDO (-6.6%). Similarly, the Banking and Consumer Goods indices fell 0.5% and 4bps respectively, on the back of losses in GUARANTY (-1.4%), ZENITH (-0.5%) and CHAMPION (-9.3%). Conversely, the Industrial Goods index led gainers, up 1.7% due to buying interest in BUACEMENT (+3.0%) while the Insurance index trailed, rising 1.3% following gains in AIICO (+10.0%) and WAPIC (+9.7%). Finally, the AFR-ICT index closed flat.

Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 2.1x from the 0.8x recorded in the previous trading session as 19 stocks advanced relative to 9 decliners. The best performers were AIICO (+10.0%), IKEJAHOTEL (+10.0%) and UCAP (+9.9%) while LAWUNION (-10.0%), CHAMPION (-9.3%) and JAIZBANK (-7.4%) led the laggards. There remain opportunities for bargain hunting however, we expect the equities market to close the week in the red.

Market Statistics for Thursday, 20th February 2020 

Market Cap (N’bn) 14,362.2
Market Cap (US$’bn) 39.9
NSE All-Share Index 27,568.91
Daily Performance % 0.2
WTD Performance % (0.7)
MTD Performance % (4.4)
QTD Performance % 2.7
YTD Performance % 2.7
Daily Volume (Million) 485.0
Daily Value (N’bn) 3.6
Daily Value (US$’m) 10.0

Source: Afrinvest

Categories: Finance,News,Stock Market

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