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
