Nigerian Equities Market open on a positive note… ASI up 41bps

Performance across sectors was mixed as 3 of 6 sectors under our coverage lost. The Banking index led gainers, driven by price appreciation in GUARANTY (+3.6%), STANBIC (+5.7%) and UBA (+8.6%) while the Industrial Goods index trailed, advancing 0.7% due to gains in CCNN (+3.1%). On the other hand, the  Insurance and Consumer Goods indices led the losers’ chart, down 73bps and 71bps respectively following sell-offs in CONTINSURE (-2.5%), UNILEVER (-9.9%) and INTBREW (-9.9%). The Oil & Gas index also declined 1.2% due to losses in MRSOIL (-9.7%). Finally, the AFR-ICT index closed flat.

Investor sentiment as measured by market breadth (advance/decline ratio) declined to 1.4x from 1.8x recorded in the previous session as 18 stocks gained against 13 decliners. The top gainers were FIDELITY (+6.9%), NAHCO (+6.4%) and STANBIC (+6.7%) while FIDSON (-10.0%), UNILEVER (-9.9%) and INTBREW (-9.9%) were the top losers. We do not expect today’s gains to be sustained as investors sentiment towards equities remain sour.

Market Statistics Monday, 4th November, 2019 

Market Cap (N’bn) 12,836.3
Market Cap (US$’bn) 35.7
NSE All-Share Index 26,401.06
Daily Performance % 0.4
1 Week Performance % 0.1
YTD Performance % (16.0)
Daily Volume (Million) 368.2
Daily Value (N’bn) 2.8
Daily Value (US$’m) 7.7

Source: Afrinvest

Categories: Finance,News,Stock Market

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