The local bourse started the week on a positive note following gains in NESTLE (+4.7%), OKOMUOIL (+10.0%) and FBNH (+1.9%) thus pulling the benchmark index up 12bps to close at 24,858.82 points. Consequently, market capitalisation increased ₦15.6bn to ₦13.0tn while YTD return stood at -7.4%. Activity level was mixed as volume traded advanced 24.8% to 158.7m units while value traded fell 24.1% to ₦1.6bn. In terms of volume, GUARANTY (17.8m units), FBNH (17.4m units) and ZENITH (10.2m units) were the most active stocks while by value, GUARANTY (₦401.1m), NESTLE (₦243.9m) and MTNN (₦202.0m) led.
Performance across sectors under our coverage was bearish as 3 of 6 indices lost. The Banking and Oil & Gas indices lost 1.2% and 0.6% following sell pressures in GUARANTY (-1.5%), UBA (-2.3%) and ARDOVA (-10.0%). Also, price decline in WAPCO (1.8%) dragged the Industrial Goods index down 0.1%. Conversely, the Consumer Goods and Insurance indices rose 1.9% and 0.2% respectively buoyed by buying interest in NESTLE (+4.7%), PZ (+9.1%), WAPIC (+9.4%) and NEM (+3.0%). Lastly, AFR-ICT index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) declined to 0.6x from the 1.1x recorded previously as 18 stocks gained against 29 decliners. The best performing stocks were OKOMUOIL (+10.0%), REGALINS (+10.0%) and CUTIX (+10.0%) while UNILEVER (-10.0%), ARDOVA (-10.0%) and CHELLARAM (-9.7%) were the top decliners. Following sustained sell pressures last week, we expect investors to seek bargain hunting opportunities thus leading to positive performance this week.
Corporate Actions/Disclosure
Chellaram Plc Unaudited FY:2019 Financial performance highlight: Revenue declined 60.0% y/y to settle at ₦1.1bn. Similarly, PAT fell 2000.8% to close at a loss of (₦542.8m).
Japaul Oil and Maritime Services Plc Unaudited Q1:2020 Financial performance highlight: Revenue rose 36.5% y/y to close at ₦193.5m. Conversely, the company recorded profit of ₦22.7m as Loss after tax dropped by 104.1% y/y
Market Statistics for Monday, 29th June 2020
| Market Cap (N’bn) | 12,967.9 |
| Market Cap (US$’bn) | 36.0 |
| NSE All-Share Index | 24,858.82 |
| Daily Performance % | 0.1 |
| WTD Performance % | (1.3) |
| MTD Performance % | (1.6) |
| QTD Performance % | 16.7 |
| YTD Performance % | (7.4) |
| Daily Volume (Million) | 158.7 |
| Daily Value (N’bn) | 1.6 |
| Daily Value (US$’m) | 4.5 |
Source: Afrinvest
