The domestic equities market extended gains into the third consecutive trading session following price appreciation in STANBIC (+5.0%), GUARANTY (+1.9%) and ACCESS (+0.8%). As a result, the All-Share index rose 16bps to settle at 24,882.04 points. Investors gained ₦20.9bn as market capitalisation increased to ₦13.0tn while YTD loss eased to -7.3%. Activity level surged as volume and value traded advanced 148.2% and 167.1% to 383.3m units and ₦3.9bn respectively. The top traded stocks by volume were FBNH (66.4m units), ACCESS (59.2m units) and ZENITH (30.8m units) while PRESCO (₦1.3bn), ZENITH (₦521.2m) and ACCESS (₦378.8m) led by value.
Performance across sectors was bullish as 4 of 6 indices under our coverage closed northward. The Banking and Oil & Gas indices rose 0.1% apiece due to price appreciation in STANBIC (+5.0%), GUARANTY (+1.9%), MOBIL (+0.9%) and JAPAULOIL (+4.8%). Similarly, the Consumer and Industrial Goods indices appreciated 1bp apiece owing to bargain hunting in PZ (+1.8%) and CAP (+9.7%). Conversely, the Insurance index was the lone laggard, falling 1bp following a loss in LASACO (-4.0%). Finally, the AFR-ICT closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 1.5x from the 2.3x recorded previously as 18 stocks advanced against the 12 decliners. The top gainers were CAP (+9.7%), UAC-PROP (+9.5%) and GLAXOSMITH (+6.2%) while ETERNA (-9.0%), LIVESTOCK (-4.6%) and MBENEFIT (-4.5%) lost the most. For the rest of the week, we expect market performance to move in tandem with the trend in earnings releases.
Market Statistics for Wednesday, 5th August 2020
| Market Cap (N’bn) | 12,979.9 |
| Market Cap (US$’bn) | 33.6 |
| NSE All-Share Index | 24,882.04 |
| Daily Performance % | 0.2 |
| WTD Performance % | 0.8 |
| MTD Performance % | 0.8 |
| QTD Performance % | 1.6 |
| YTD Performance % | (7.3) |
| Daily Volume (Million) | 303.3 |
| Daily Value (N’bn) | 3.9 |
| Daily Value (US$’m) | 10.1 |
Source: Afrinvest
