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|