At the close of trade, the equities market trended northward due to buying interest in WAPCO (+3.5%), ZENITH (+1.2%) and GUARANTY (+1.0%). Consequently, the benchmark index rose 14bps to 40,221.30 points, YTD loss improved to -0.1% and market capitalisation rose ₦29.5bn to ₦21.0tn. Trading activity improved as volume and value advanced 38.9% and 84.2% to 469.6m units and ₦7.1bn respectively. The most traded stocks by volume were ZENITH (154.6m units), GUARANTY (48.8m units) and FBNH (25.3m units) while ZENITH (₦4.1bn), GUARANTY (₦1.5bn) and FBNH (₦185.6m) led by value.
Performance across sectors was mixed as 3 of the 6 indices under our coverage closed southward. The Insurance index led laggards, down 1.9% due to sell-offs in WAPIC (-6.9%), CORNERST (-7.8%) and MANSARD (-1.8%). Similarly, the Consumer Goods and AFR-ICT indices closed lower at 0.3% and 3bps respectively following price depreciation in FLOURMILL (-6.9%) and MTNN (-0.1%). Conversely, the Banking and Oil & Gas indices rose 0.8% apiece due to buying interest in ZENITH (+1.2%), GUARANTY (+1.0%), OANDO (+10.0%) and JAPAULGO (+9.2%). Lastly, the Industrial Goods index inched higher by 0.2% on the back of gains in WAPCO (+3.5%).
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 1.0x from the 0.7x recorded previously as 19 stocks advanced against 20 losers. OANDO (+10.0%), ABCTRANS (+9.4%) and ROYALEX (+8.7%) were the top gainers while LASACO (-9.5%), CHIPLC (-8.3%) and CORNERST (-7.8%) were the top losers. We expect corporate earnings release and dividend information to guide the direction of the market this week.
Market Statistics for Wednesday, 24th February 2021
| Market Cap (N’bn) | 21,044.0 |
| Market Cap (US$’bn) | 54.5 |
| NSE All-Share Index | 40,221.30 |
| Daily Performance % | 0.1 |
| WTD Performance % | 0.1 |
| MTD Performance % | (5.2) |
| QTD Performance % | (0.1) |
| YTD Performance % | (0.1) |
| Daily Volume (Million) | 469.6 |
| Daily Value (N’bn) | 7.1 |
| Daily Value (US$’m) | 18.3 |
