The bullish momentum in the local bourse continued today as the All-Share Index rose 125bps to close at 24,758.39 points following price accretion in BUACEMENT (+9.9%), ZENITH (+3.0%) and UNILEVER (+9.3%). Consequently, investors value appreciated ₦462.3bn to ₦12.9tn while YTD returned settled at -7.8%. Activity level advanced as volume and value traded rose 58.4% and 51.4% to 350.7m units and ₦3.7bn respectively. The most active stocks by volume were ZENITH (57.4m units) EKOCORP (57.0m units), and FBNH (44.4m units) while ZENITH (₦961.4m), GUARANTY (₦764.8m) and EKOCORP (₦342.0m) led the value chart.
Performance was bullish as all indices under our coverage advanced save AFR-ICT index which closed flat. The Industrial Goods index (+5.7%) gained the most due to price upticks in BUACEMENT (+9.9%) and CUTIX (+9.4%). Gains in ZENITH (+3.0%), ACCESS (+2.3%) and MOBIL (+10.0%) buoyed performance in the Banking (+1.4%) and Oil & Gas (+1.4%) indices. Also, the Insurance (+1.0%) and Consumer Goods (+0.4%) indices closed in the positive region following buying interest in SUNUASSUR (+10.0%), WAPIC (+6.5%), UNILEVER (+9.3%) and GUINNESS (+9.3%).
Investor sentiment as measured by market breadth (advance/decline ratio) declined to 3.2x from the 7.4x recorded in the previous session as 29 stocks gained relative to 9 losers. The top gainers were REDSTAREX (+10.0%), MOBIL (+9.9%) and BUACEMENT (+9.9%) while ARBICO (-9.9%), OANDO (-5.8%) and FLOURMILL (-4.8%) were top decliners. We expect the bullish streak to continue till the end of the week.
Market Statistics for Thursday, 21st May 2020
| Market Cap (N’bn) | 12,902.9 |
| Market Cap (US$’bn) | 35.8 |
| NSE All-Share Index | 24,758.39 |
| Daily Performance % | 1.3 |
| One Week Performance % | 3.7 |
| MTD Performance % | 7.5 |
| QTD Performance % | 16.2 |
| YTD Performance % | (7.8) |
| Daily Volume (Million) | 350.7 |
| Daily Value (N’bn) | 3.7 |
| Daily Value (US$’m) | 10.3 |
Source: Afrinvest
