Nigerian equities market opens week negative… ASI down 27bps

The equities market opened the week negative as the All-Share Index lost 0.3% due to sell-offs in MTNN (-0.4%), BUACEMENT (-1.5%) and FLOURMILL (-4.5%) to close at 28,337.49 points. As a result, market capitalisation declined to ₦14.8tn as investors lost ₦40.7bn while YTD return worsened to 5.6%. Activity level was mixed as volume traded fell 3.9% to 369.2m units while value traded rose 30.6% to ₦5.1bn. The most active stocks by volume were UBA (95.1m units), GUARANTY (65.5m units) and ZENITH (47.2m units) while GUARANTY (₦1.9bn), ZENITH (₦944.3m) and UBA (₦678.7m) led by value.

Sector performance was uninspiring as all indices our coverage lost save Oil & Gas index which gained 1.4% due to buy interest in ETERNA (+9.9%) and SEPLAT (+2.4%). The Insurance and Consumer Goods indices lost the most, down 1.8% and 0.9% respectively due to sell offs in MANSARD (-9.7%) and AIICO (-3.6%) as well as FLOURMILL (-4.5%) and INTBREW (-9.1%). Similarly, the Industrial Goods, AFR-ICT and Banking indices declined 0.5%, 0.2% and 0.1% respectively on the back of price depreciation in BUACEMENT (-1.5%),  MTNN (-0.4%) ZENITH (-0.3%). 

Investor sentiment as measured by market breadth (advance/decline ratio) rose to 0.8x from the 0.6x recorded in the previous session as 13 stocks gained against 16 decliners. ETERNA (+9.9%), UNIONDAC (+8.3%) and TRANSCORP (+4.8%) gained the most while INTBREW (-9.1%), MANSARD (-5.7%) and FLOURMILL (-4.5%) led the laggards. We expect losses in the market to be sustained as investors book profit.

Market Statistics for Monday, 12th October 2020

Market Cap (N’bn) 14,811.5
Market Cap (US$’bn) 38.4
NSE All-Share Index 28,337.49
Daily Performance % (0.3)
WTD Performance % (0.3)
MTD Performance % 5.6
QTD Performance % 5.6
YTD Performance % 5.6
Daily Volume (Million) 369.2
Daily Value (N’bn) 5.1
Daily Value (US$’m) 13.1

Source: Afrinvest

Categories: Finance,News,Stock Market

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