The domestic equities market ended on a positive note as the All-Share Index (ASI) rose 6bps to close at 23,704.44 points following price appreciation in GUARANTY (+2.1%), STANBIC (+2.6%) and UNILEVER (+10.0%). Consequently, investors gained ₦7.1bn as market capitalisation rose to ₦12.4tn while YTD loss settled at -11.7%. Activity level was mixed as volume traded rose 2.3% to 159.2m units while value traded declined 8.1% to ₦1.5bn. The most active stocks by volume were FBNH (50.8m units), ACCESS (10.9m units) and UBA (9.8m units) while FBNH (₦242.1bn), NIGERIAN BREWERIES (₦219.7bn) and NESTLE (₦206.4bn) led the value chart.
Performance across sectors was bullish as 4 of 6 indices under our coverage trended northward while the Industrial Goods index closed flat. The Oil & Gas index led gainers, up 2.7% following bargain hunting in MOBIL and TOTAL. Similarly, the Insurance and Banking indices appreciated and respectively due to buying interest in MANSARD , WAPIC, GUARANTY and STANBIC . Price upticks in UNILEVER (+10.0%) drove the Consumer Goods index higher by 0.4%. Conversely, the AFR-ICT index was the lone laggard, down 0.8% as a result of price decline in MTNN (-1.4%).
Investor sentiment as measured by market breadth (advance/decline ratio) rose to 2.5x from the 0.9x recorded in the previous session as 20 stocks gained relative to 8 losers. The top gainers were UNILEVER, MOBIL and MAYBAKER while JAIZBANK, UNIONDAC (-6.5%) and CHAMPION (-6.2%) were top losers. The market presents opportunity for bargain hunting. However, we maintain a bearish outlook for the rest of the week.
Corporate Actions
Airtel Africa Plc (Audited FY:2020 Result): Revenue rose 11.2% Y-o-Y to $3,422.0m from $3,077.0m in FY:2019 while profit after tax fell 4.2% to $408.0m from $426.0m in FY:2019.
WEMABANK Plc (Unaudited Q1:2020 Result): Gross Earnings rose 4.6% Y-o-Y to ₦20.8bn from ₦19.9bn in Q1:2019 while profit after tax fell 14.6% to ₦977.3m from ₦1.1bn in Q1:2019.
Market Statistics for Wednesday, 13th May 2020
| Market Cap (N’bn) | 12,356.2 |
| Market Cap (US$’bn) | 34.3 |
| NSE All-Share Index | 23,709.44 |
| Daily Performance % | 0.1 |
| WTD Performance % | (1.4) |
| MTD Performance % | 3.0 |
| QTD Performance % | 11.3 |
| YTD Performance % | (11.7) |
| Daily Volume (Million) | 159.2 |
| Daily Value (N’bn) | 1.5 |
| Daily Value (US$’m) | 4.3 |
