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