Trading activities at the local bourse started the week bearish as the benchmark index moderated 44bps to close at 24,200.60 following sell-offs in MTNN (-1.0%), ZENITH (-3.0%) and GUARANTY (-2.0%). As a result, investors lost ₦55.2bn as market capitalisation fell ₦12.6tn while YTD loss worsened -9.8%. Activity level strengthened as volume and value traded rose 75.7% and 139.6% to 231.2m units and ₦2.2bn respectively. The top traded stocks by volume were STERLING (77.5m units), FCMB (33.3m units) and FIDELITY (27.1m units) while MTNN (₦1.1bn), GUARANTY (₦215.0m) and ZENITH (₦139.5m) led by value.
Across the 6 sectors under our coverage, 4 indices declined, 1 gained while the Consumer Goods index closed flat. The Industrial Goods index was the lone gainer, appreciating 0.3% due to buying interest in BUACEMENT (+0.6%) and CUTIX (+1.1%). Conversely, losses in MOBIL (-10.0%), ZENITH (-3.0%) and GUARANTY (-2.0%) dragged the Oil & Gas and Banking indices lower by 1.9% and 1.7% respectively. Meanwhile sell pressures in MTNN (-1.0%), CHAMS (-8.3%) and WAPIC (-5.7%) drove declines in the AFR-ICT and Insurance indices respectively.
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.8x from the 1.4x recorded in the previous session as 14 stocks advanced against the 17 decliners. The top gainers were NPFMCRFBK (+10.0%), NEIMETH (+9.4%) and LINKASSURE (+8.5%) while MOBIL (-10.0%), CHAMS (-8.3%) and ETERNA (-6.7%) led the laggards. We expect bargain hunting activity to resurface this week given that the equities market remains fairly attractive.
Market Statistics for Monday, 13th July 2020
| Market Cap (N’bn) | 12,624.5 |
| Market Cap (US$’bn) | 32.7 |
| NSE All-Share Index | 24,200.60 |
| Daily Performance % | (0.4) |
| WTD Performance % | (0.4) |
| MTD Performance % | (1.1) |
| QTD Performance % | (1.1) |
| YTD Performance % | (9.8) |
| Daily Volume (Million) | 231.2 |
| Daily Value (N’bn) | 2.2 |
| Daily Value (US$’m) | 5.6 |
Source: Afrinvest
