The domestic equities market reversed yesterday’s loss following buying interest in DANGCEM (+5.6%), DANGSUGAR (+1.6%) and UBN (+1.8%). Consequently, the NSE All-Share Index (ASI) gained 83bps to 30,733.47 points. Similarly, investors gained ₦132.8bn as market capitalisation advanced to ₦16.1tn and YTD return improved to 14.5%. Activity level was mixed as volume traded declined 10.7% to 336.0m units while value traded rose 2.3% to ₦3.9bn. The most traded stocks by volume were ZENITH (41.1m units), FBNH (40.6m units) and UBA (32.1m units) while ZENITH (₦895.6m), GUARANTY (₦604.9m) and DANGSUGAR (₦336.5m) led by value.
Performance across sectors was mixed, although positively skewed as 3 indices gained, 2 lost while the AFR-ICT index closed flat. The Industrial Goods index led the gainers, up 2.9% due to buying interest in DANGCEM (+5.6%) and CAP (+9.6%). Similarly, the Oil & Gas and Insurance indices rose 0.6% and 0.3% respectively following gains in OANDO (+7.0%) and WAPIC (+10.0%). Conversely, the Banking and Consumer Goods indices declined 0.5% and 0.1% respectively as GUARANTY (-1.5%), ZENITH (-0.5%), FLOURMILL (-1.6%) and UNILEVER (-1.4%) lost.
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 1.3x from the 0.8x recorded previously as 24 stocks gained against the 18 that lost. WAPIC (+10.0%), ABCTRANS (+9.7%) and CAP (+9.6%) were top gainers while NPFMCRFBK (-8.8%), CUSTODIAN (-7.4%) and AIICO (-4.6%) led laggards. We expect market sentiment to be guided by bargain hunting opportunities and earnings results.
Corporate Actions
OKOMU OIL PALM Plc. (Unaudited 9M:2020 Result): Revenue rose 19.8% y/y to ₦18.6bn from ₦15.5bn while profit after tax grew 11.8% y/y to ₦6.8bn from ₦6.1bn.
HONEYWELL FLOUR MILLS Plc. (Unaudited H1:2020/21 Result): Revenue increased 44.3% y/y to ₦56.9bn from ₦39.4bn in H1:2019 while profit after tax rose 7.4% y/y to ₦204.0m from ₦109.0m in H1:2019.
NEM Insurance Plc. (Unaudited 9M:2020 Result): Gross premium advanced 25.0% y/y to ₦5.8bn from ₦4.6bn in 9M:2019 while PAT declined 204.1% y/y to a loss of ₦446.6m from a profit of ₦429.1m in 9M:2019.
PRESCO Plc. (Unaudited 9M:2020 Result): Revenue rose 24.5% y/y to ₦18.9bn from ₦15.2bn while as profit after tax rose 56.4% y/y from ₦6.1bn to ₦6.8bn.
Market Statistics for Tuesday, 3rd November 2020
| Market Cap (N’bn) | 16,063.9 |
| Market Cap (US$’bn) | 41.6 |
| NSE All-Share Index | 30,733.47 |
| Daily Performance % | 0.8 |
| WTD Performance % | 0.7 |
| MTD Performance % | 0.7 |
| QTD Performance % | 14.5 |
| YTD Performance % | 14.5 |
| Daily Volume (Million) | 336.0 |
| Daily Value (N’bn) | 3.9 |
| Daily Value (US$’m) | 10.1 |
