The Nigerian Stock Market started the week with marginal gain, as buying interest in MTNN (+0.1%), GUARANTY (+0.2%) and UACN (+5.8%) drove a 1bp uptick in the ASI to settle at 25,574.35 points. Similarly, market capitalisation rose ₦929.4m to ₦13.4tn while YTD loss improved to -4.7%. Activity level was mixed as volume traded rose 1.4% to 196.1m units while value traded declined 6.4% to ₦1.7bn. The most traded stocks by volume were FBNH (43.4m units), CHAMS (26.2m units) and UBA (13.2m units) while MTNN (₦769.7m), FBNH (₦214.5m) and ZENITH (₦195.1m) led by value.
Performance across sectors was mixed as 3 indices gained, 2 closed flat and the Banking index was the lone loser, down 0.1% due to price declines in ACCESS (-0.8%) and JAIZBANK (-3.4%). Conversely, Insurance index led the gainers, up 1.4% following price appreciation in WAPIC (+8.1%), CORNERSTONE (+4.9%) and MBENEFIT (+5.0%). Also, the Consumer Goods and AFR-ICT indices rose 8bps and 4bps respectively due to buying interest in INTBREW (+3.0%) and MTNN (+0.1%). Finally, the Oil & Gas and Industrial Goods indices closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.6x from the 3.3x recorded previously as 9 stocks gained against the 16 that lost. The top gainers were ABCTRANS (+10.0%), WAPIC (+8.1%) and UACN (+5.8%) while CHAMPION (-10.0%), REDSTAREX (-9.2%) and JAPAULOIL (-4.8%) lost the most. We expect to see positive performance in subsequent trading sessions on the back of buying interest in low-priced stocks.
Market Statistics for Monday, 21st September 2020
| Market Cap (N’bn) | 13,365.5 |
| Market Cap (US$’bn) | 34.6 |
| NSE All-Share Index | 25,574.35 |
| Daily Performance % | 0.0 |
| WTD Performance % | 0.0 |
| MTD Performance % | 1.0 |
| QTD Performance % | 4.5 |
| YTD Performance % | (4.7) |
| Daily Volume (Million) | 196.1 |
| Daily Value (N’bn) | 1.7 |
| Daily Value (US$’m) | 4.5 |
Source: Afrinvest
