Today, the market remained resilient as the All-Share Index advanced 75bps to settle at 24,097.48 points due to bargain hunting in GUARANTY (+6.9%), WAPCO (+10.0%) and ZENITH (+1.8%). Consequently, market capitalisation settled at ₦12.7tn as investors gained ₦94.2bn while YTD loss moderated to -9.6%. Activity level rose as volume and value traded increased by 39.6% and 72.3% to 232.6m units and ₦4.7bn respectively. The most active stocks by volume were FIDELITY (38.0m units), MTNN (28.0m units) and WAPCO (23.1m units) while MTNN (₦3.2bn), GUARANTY (₦403.6m) and ZENITH (₦276.4m) topped the value chart.
Performance remained mixed as 3 of 6 indices that we cover gained, 2 lost while the AFR-ICT index closed flat. The Banking (+3.4%) index recorded the most gains, driven by price upticks in GUARANTY (+6.9%) and ZENITH (+1.8%). Similarly the Insurance and Industrial Good indices advanced 1.1% and 0.1% respectively on the back of gains in LINKASSURE (+9.3%), REGALINS (+9.1%) and WAPCO (+10.0%). On the flip side, the Consumer Goods and Oil & Gas indices shed 20bps each owing to sell-offs in FLOURMILL (-2.7%), DANGSUGAR (-0.8%) and OANDO (-2.2%).
Investor sentiment as measured by market breadth (advance/decline ratio) jumped to 3.1x from the 0.9x recorded in the previous session as 25 stocks advanced against the 8 that declined. The top gainers were WAPCO (+10.0%), JBERGER (+9.9%) and LINKASSURE (+9.3%) while BERGER (-9.6%), CAVERTON (-4.4%) and ETI (-4.2%) were the top decliners. Although we expect some profit taking in the next session, low prices of fundamentally sound stocks are attractive.
Market Statistics for Wednesday, 8th July 2020
| Market Cap (N’bn) | 12,664.9 |
| Market Cap (US$’bn) | 32.8 |
| NSE All-Share Index | 24,097.48 |
| Daily Performance % | 0.8 |
| WTD Performance % | (0.2) |
| MTD Performance % | (0.8) |
| QTD Performance % | (0.8) |
| YTD Performance % | (9.6) |
| Daily Volume (Million) | 232.6 |
| Daily Value (N’bn) | 4.7 |
| Daily Value (US$’m) | 12.2 |
Source: Afrinvest
