The stock market closed today’s trading session flat as the benchmark index stood at 28,344.34 points while market capitalisation and YTD return remain unchanged at ₦14.8tn and 5.6% respectively. Activity level waned as average volume and value traded declined by 59.2% and 37.5% to 218.4m units and ₦3.1bn respectively. The most traded stocks by volume were ZENITH (53.1m units), UBA (33.5m units) and GUARANTY (25.1m units) while ZENITH (₦1.1bn), GUARANTY (₦753.2m) and STANBIC (₦269.8m) led by value.
Performance across sectors was positive as 4 of 6 indices under our coverage closed in the green. The Insurance and Banking indices led the pack, up 0.6% and 0.5% respectively, following gains in CORNERSTONE (+5.0%) and GUARANTY (+1.5%). Trailing, the Consumer and Industrial Goods indices appreciated 2.0% apiece due to price appreciation in PZ (+5.0%), GUINNESS (+3.3%) and WAPCO (+2.1%). On the flip side, losses in ARDOVA (-3.6%) and ETRANZACT (-9.9%) dragged the Oil & Gas and AFR-ICT indices lower by 17bps and 4bps respectively.
Investor sentiment as measured by market breadth (advance/decline ratio) improved to 1.3x from the 1.2x recorded previously as 14 stocks gained against the 11 that declined. ETERNA (+9.8%), ACADEMY (+7.4%) and AFRIPRUD (+5.8%) were top gainers while ETRANZACT (-9.9%), WEMABANK (-5.2%) and COURTVILLE (-4.8%) led the underperformers. We expect bargain hunting to drive gains in the next trading session.
Market Statistics for Wednesday, 14th September 2020
| Market Cap (N’bn) | 14,816.0 |
| Market Cap (US$’bn) | 38.4 |
| NSE All-Share Index | 28,344.34 |
| Daily Performance % | 0.0 |
| WTD Performance % | (0.2) |
| MTD Performance % | 5.6 |
| QTD Performance % | 5.6 |
| YTD Performance % | 5.6 |
| Daily Volume (Million) | 218.4 |
| Daily Value (N’bn) | 3.1 |
| Daily Value (US$’m) | 8.1 |
Source: Afrinvest
