Nigerian Stock market begins week with a Bearish start, ASI down 0.3%

In today’s session, the domestic market recorded a bearish opening due to sell-pressure in bellwethers such as MTNN (-1.0%), DANGCEM (-0.7%) and FLOURMIL (-7.1%). Consequently, the All-Share Index dropped 27bps to settle at 25,132.67 points. Furthermore, market capitalisation fell to ₦13.1tn as investors lost ₦35.0bn while YTD loss worsened to -6.4%. Activity level waned as volume and value traded fell 65.9% and 57.9% respectively to 258.1m units and ₦1.7bn. The top traded stocks by volume were GUARANTY (19.0m units), ZENITH (18.6m units) and STERLING (14.3m units) while GUARANTY (₦472.2m), DANGCEM  (₦437.3m) and ZENITH (₦311.5m) led by value.

Performance across sectors was mixed as 3 of the 6 indices that we cover gained. The AFR-ICT index lost 52bps to lead the losers, following sell-offs in MTNN (-1.0%). Similarly, the Industrial Goods and Banking indices  trailed with 0.4% and 0.2% respective declines, driven by sell-offs in DANGCEM (-0.7%), ACCESS (-0.8%) and GUARANTY (-0.2%). On the flip side, the Insurance index recorded the best performance, advancing 2.9% on the back of buying interest in MANSARD (+9.4%) and CORNERSTONE (+8.2%).  Similarly, the Oil & Gas and Consumer Goods indices closed in the green, advancing 0.5% and 0.2% respectively, buoyed by buying interest in ARDOVA (+9.4%), JAPAULOIL (+5.0%), UNILEVER (+10.0%) and DANGSUGAR (+3.4%).

Investor sentiment as measured by market breadth (advance/decline ratio) rose to 1.1x from the 0.5x recorded previously as 17 stocks gained against the 15 that declined. The top gainers were UNILEVER (+10.0%), NNFM (+9.8%) and JBERGER (+9.6%) while LIVESTOCK (-8.3%), VITAFOA

Market Statistics for Monday, 17th August 2020 

Source: Afrinvest