At the close of trade, the benchmark index rose marginally by 3bps to settle at 30,741.88 points due to price appreciation in FCMB (+5.2%), GUARANTY (+0.3%) and DANGSUGAR (+0.7%). Similarly, investors gained ₦4.4bn as market capitalisation advanced to ₦16.1tn and YTD return settled at 14.5%. Activity level declined as volume and value traded fell 14.8% and 20.5% to 286.4m units and ₦3.1bn respectively. The most traded stocks by volume were ACCESS (145.0m units), ZENITH (21.9m units) and UBA (17.0m units) while ACCESS (₦1.2bn), STANBIC (₦520.4m) and ZENITH (₦477.8m) led by value.
Across sectors, performance was bullish as 3 of the 6 indices under our coverage closed northward save the Banking, AFR-ICT and Oil & Gas indices which closed flat. The Insurance index led the gainers, up 1.0% due to buying interest in AIICO (+4.8%), CHIPLC (+8.8%) and PRESTIGE (+7.4%). Similarly, the Consumer and Industrial Goods indices rose 5bps and 3bps respectively following gains in DANGSUGAR (+0.7%), WAPCO (0.3%) and CAP (+3.1%).
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 1.1x from the 1.3x recorded previously as 12 stocks gained against the 11 that lost. CHIPLC (+8.8%), PRESTIGE (+7.4%) and FCMB (+5.2%) were top gainers while MBENEFIT (-4.8%), WEMABANK (-3.1%) and JBERGER (-2.6%) led laggards. We expect market sentiment to be dictated by the performance of the earnings results.
Corporate Actions
MCNICHOLS CONSOLIDATED Plc. (Unaudited 9M:2020 Result): Revenue rose 6.5% y/y to ₦561.8m from ₦527.4m while profit after tax grew 3.5% y/y to ₦16.0m from ₦15.4m.
RAK UNITY Plc. (Unaudited 9M:2020 Result): Revenue declined 60.6% y/y to ₦1.4bn from ₦3.6bn while the company recorded a loss of ₦37.0bn.
Market Statistics for Wednesday, 4th November 2020
| Market Cap (N’bn) | 16,068.3 |
| Market Cap (US$’bn) | 41.6 |
| NSE All-Share Index | 30,741.88 |
| Daily Performance % | 0.03 |
| WTD Performance % | 0.7 |
| MTD Performance % | 0.7 |
| QTD Performance % | 14.6 |
| YTD Performance % | 14.5 |
| Daily Volume (Million) | 286.4 |
| Daily Value (N’bn) | 3.1 |
| Daily Value (US$’m) | 8.0 |
Source: Afrinvest
