The stock market sustained previous day’s positive performance as gains in NIGERIAN BREWERIES (+5.4%), UBA (+4.8%) and ETI (+6.4%) drove the benchmark index up 34bps to settle at 25,413.76 points. As a result, investors gained ₦45.3bn as market capitalisation advanced to ₦13.3tn while YTD loss moderated to -5.3%. Activity level was mixed as volume traded spiked 255.6% to 1.1bn units while value traded declined -19.9% to ₦2.1bn. The top traded stocks by volume were ACCESS (22.7m units), GUARANTY (10.9m units) and FIDELITY (8.5m units) while DANGCEM (₦356.2m), GUARANTY (₦279.4m) and ACCESS (₦150.0m) led by value.
Performance across sectors was bullish as 4 of 6 indices under our coverage closed in the green. The Banking and Consumer Goods indices were the best performers, up 107bps and 88bps respectively owing to price upticks in UBA (+4.8%), ACCESS (+3.2%) and NIGERIAN BREWERIES (+5.4%). Similarly, gains in AIICO (+5.6%) and MTNN (+0.2%) buoyed the Insurance and AFR-ICT indices higher by 80bps and 9bps respectively. On the flip side, the Industrial Goods index was the lone loser, down 12bps due to sell pressures in DANGCEM (-0.7%) while the Oil & Gas index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) climbed to 3.0x from the 0.7x recorded previously as 27 stocks gained against the 9 that declined. The top gainers were LIVESTOCK (+10.0%), ETERNA (+9.5%) and JAIZBANK (+8.9%) while WAPIC (-5.7%), UBN (-5.7%) and PZ (-2.4%) lost the most. We expect the soft gains to be sustained on the back of improved investor appetite.
Market Statistics for Tuesday, 1st September 2020
| Market Cap (N’bn) | 13,258.1 |
| Market Cap (US$’bn) | 34.3 |
| NSE All-Share Index | 25,413.76 |
| Daily Performance % | 0.3 |
| WTD Performance % | 0.4 |
| MTD Performance % | 0.4 |
| QTD Performance % | 3.8 |
| YTD Performance % | (5.3) |
| Daily Volume (Million) | 1073.8 |
| Daily Value (N’bn) | 1.2 |
| Daily Value (US$’m) | 5.5 |
Source: Afrinvest
