Buying interest in UBA (+2.3%), DANGSUGAR (+2.4%) and ACCESS (+0.8%) drove the All-Share Index 2bps higher to settle at 25,136.49 points. Consequently, investors gained ₦2.0bn as market capitalisation advanced to ₦13.1tn while YTD loss improved to -6.4%. Activity level Increased as volume and value traded jumped 68.1% and 33.3% respectively to 271.0m units and ₦2.5bn. The top traded stocks by volume were ZENITH (35.8m units), GUARANTY (35.3m units) and LASACO (33.1m units) while GUARANTY (₦877.0m), ZENITH (₦600.2m) and ACCESS (₦152.1m) led by value.
Performance across sectors that we cover was bearish as 3 of 6 indices closed in the red while the AFR-ICT index remained flat. Profit taking in OANDO (-9.7%), ARDOVA (-9.7%) and CONOIL (-9.8%) pulled the Oil & Gas index down 1.8% to top the losers, Similarly, the Consumer and Industrial Goods indices shed 10bps and 2bps respectively due to sell pressures in NIGERIAN BREWERIES (-2.8%) and WAPCO (-0.4%). On the flip side, the Insurance and Banking indices recorded respective gains of 0.9% and 0.5%, driven by price appreciation in UBA (+2.3%), ACCESS (+0.8%) and CORNERSTONE (+9.4%).
Investor sentiment as measured by market breadth (advance/decline ratio) rose to 1.2x from the 1.1x recorded previously as 16 stocks gained relative to the 13 that declined. The top gainers were UPL (+9.9%), CORNERSTONE (+9.4%) and LASACO (+7.1%) while CONOIL (-9.8%), OANDO (-9.7%) and ARDOVA (-9.7%) lost the most. We expect bargain hunting in the subsequent trading day to support gains in the local bourse.
Corporate Action
LASACO ASSURANCE PLC (Q2:2020 Unaudited) Financial Highlight: Gross premium advanced 1.0% y/y to settle at ₦6.9bn while PAT rose 5.6% y/y to ₦632.0m. Hence, the company’s EPS climbed to 9.0 kobo from 8.0 kobo.
Market Statistics for Tuesday, 18th August 2020
| Market Cap (N’bn) | 13,112.7 |
| Market Cap (US$’bn) | 34.0 |
| NSE All-Share Index | 25,136.49 |
| Daily Performance % | 0.0 |
| WTD Performance % | (0.3) |
| MTD Performance % | 1.8 |
| QTD Performance % | 2.7 |
| YTD Performance % | (6.4) |
| Daily Volume (Million) | 271.0 |
| Daily Value (N’bn) | 2.5 |
| Daily Value (US$’m) | 6.4 |
Source: Afrinvest
