The local bourse extended the previous day’s gain as a result of buying interest in GUARANTY (+2.0%), BUACEMENT (+1.2%) and UBN (+8.3%). Consequently, the NSE All-Share Index (ASI) advanced 70bps to 28,980.29 points. Similarly, investors gained ₦105.8bn as market capitalisation increased to ₦15.1tn and YTD return improved to 8.0%. Activity level was mixed as volume traded rose 13.1% to 385.6m units while value traded declined 47.6% to ₦2.9bn. The most traded stocks by volume were FBNH (81.8m units), ACCESS (50.7m units) and FIDELITY (35.2m units) while FBNH (₦505.5m), ZENITH (₦402.0m) and ACCESS (₦391.2bn) led by value.
Performance across sectors was bullish as all the indices under our coverage closed northward. The Insurance and Banking indices advanced 2.7% and 2.2% respectively due to buying interest in LINKASSURE (+10.0%), WAPIC (+2.7%), GUARANTY (+2.0%) and UBN (+8.3%). Similarly, the Consumer Goods and Oil & Gas indices rose 0.9% and 0.8% respectively following price appreciation in FLOURMILL (+9.5%), GUINNESS (+5.6%), OANDO (+6.1%) and CONOIL (+9.8%). Price upticks in BUACEMENT (+1.2%) and ETRANZAC (+7.7%) drove the Industrial Goods and AFR-ICT indices higher by 0.5% and 3bps respectively.
Investor sentiment as measured by market breadth (advance/decline ratio) surged to 23.0x from the 1.8x recorded previously as 46 stocks gained against the 2 that declined. LINKASSURE (+10.0%), CONOIL (+9.8%) and NNFM (+9.8%) were top gainers while WEMABANK (-1.7%) and NEM (-1.5%) were the underperformers. We expect the performance of the equities market to be dictated by the earnings result.
Corporate Actions
NASCON ALLIED INDUSTRIES Plc. (Unaudited Q3:2020 Result): Revenue declined 23.5% y/y to ₦21.0bn from ₦27.5bn in Q3:2019 while profit after tax rose 9.6% to ₦2.0bn from ₦1.8bn in Q3:2019.
FLOUR MILLS OF NIGERIA Plc. (Unaudited H1:2020 Result): Revenue rose 31.2% y/y to ₦355.1bn from ₦270.8bn in Q3:2019 while profit after tax advanced 68.3% to ₦9.9bn from ₦5.9bn in Q3:2019.
Market Statistics for Tuesday, 27th October 2020
| Market Cap (N’bn) | 15,147.5 |
| Market Cap (US$’bn) | 39.2 |
| NSE All-Share Index | 28,980.29 |
| Daily Performance % | 0.7 |
| WTD Performance % | 1.0 |
| MTD Performance % | 8.0 |
| QTD Performance % | 8.0 |
| YTD Performance % | 8.0 |
| Daily Volume (Million) | 385.6 |
| Daily Value (N’bn) | 2.9 |
| Daily Value (US$’m) | 7.5 |
