Sell-offs in the banking stocks, ETI (-8.9%), FCMB (-9.9%) and ZENITH (-0.7%) drove the NSE All-Share Index (ASI) down 17bps to 30,479.39 points. Similarly, investors lost ₦26.8bn as market capitalisation declined to ₦15.9tn and YTD return worsened to 13.6%. Activity level dipped as volume and value traded fell 53.4% and 63.8% to 376.6m units and ₦3.8bn respectively. The most traded stocks by volume were FIDELITY (49.9m units), ZENITH (47.0m units) and DANGSUGAR (30.9m units) while ZENITH (₦1.0bn), DANGSUGAR (₦465.2m) and GUARANTY (₦394.3m) led by value.
Performance across sectors was mixed, although negatively skewed as 3 indices lost, 2 gained while the AFR-ICT index closed flat. The Consumer Goods and Insurance indices rose 0.6% and 0.7% respectively due to buying interest in DANGSUGAR (+9.8%), FLOURMILL (+2.5%), CORNERSTONE (+3.5%) and LASACO (+6.3%). Conversely, the Oil & Gas and Banking indices dipped 1.2% and 0.8% respectively following price declines in OANDO (-6.6%), MOBIL (-3.1%), ETI (-8.9%) and ZENITH (-0.7%). Finally, sell pressures in WAPCO (-0.8%) drove the Industrial Goods index lower by 0.1%.
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.8x from the 3.9x recorded previously as 22 stocks gained against the 26 that declined. LIVESTOCK (+9.9%), DANGSUGAR (+9.8%) and NPFMCRFBK (+9.7%) were top gainers while CILEASING (-10.0%), FCMB (-9.9%) and ETI (-8.8%) led laggards. We expect market performance to be directed by corporate earnings releases.
Corporate Actions
FIDELITY BANK Plc. (Unaudited 9M:2020 Result): Gross Earnings contracted 3.7% y/y from ₦161.1bn to ₦155.0bn while PAT Grew 7.1% y/y from ₦19.1bn to ₦20.4bn.
DANGOTE SUGAR REFINERY Plc. (Unaudited 9M:2020 Result): Gross revenue advanced 36.7% y/y to ₦160.5bn from ₦117.4bn in Q3:2019 while profit after tax rose 81.1% to ₦26.6bn from ₦14.7bn in Q3:2019.
Market Statistics for Monday, 2nd November 2020
| Market Cap (N’bn) | 15,931.1 |
| Market Cap (US$’bn) | 41.3 |
| NSE All-Share Index | 30,479.39 |
| Daily Performance % | (0.2) |
| WTD Performance % | (0.2) |
| MTD Performance % | (0.2) |
| QTD Performance % | 13.6 |
| YTD Performance % | 13.6 |
| Daily Volume (Million) | 376.1 |
| Daily Value (N’bn) | 3.8 |
| Daily Value (US$’m) | 9.8 |
Source: Afrinvest
