Home Finance Nigerian Stock market sustains gains despite Coronavirus… ASI up 61bps

Nigerian Stock market sustains gains despite Coronavirus… ASI up 61bps

by Business News Report

The stock market sustained previous day’s gain as investors continued positioning in bellwethers. Consequently, the All-Share Index rose 0.6% to 26,415.54 points on the back of gains in ACCESS (+6.5%), FBNH (+9.7%) and NIGERIAN BREWERIES (+4.4%). As such, the YTD loss moderated to -1.6% while investors gained ₦83.6bn as market capitalisation increased to ₦13.8tn. Activity level declined as volume and value traded slipped 20.7% and 44.7% to 307.7 m units and ₦2.8bn respectively. The most actively traded stocks by volume were FBNH (50.2m units), ZENITH (49.4m units) and UBA (32.4m units) while  ZENITH  (₦966.3m), GUARANTY  (₦616.3m) and FBNH (₦279.8m) led by value.

Performance across sectors was bullish as 4 of 6 sectors under our coverage recorded gains. The Insurance and Banking indices topped gainers, up 2.7% and 1.7% respectively, following price appreciation in MANSARD (+9.8%), NEM (+10.0%), ACCESS (+6.5%) and ETI (+9.3%). Also, the Consumer and Industrial Goods indices gained 0.8% and 0.4% respectively, on the back of price appreciation in NIGERIAN BREWERIES (+4.4%) and BUACEMENT (+0.7%). Conversely, the Oil & Gas index lost 0.7% due to sell-offs in ARDOVA (-10.0%). Lastly, the AFR-ICT index closed flat.

Investor sentiment as measured by market breadth (advance/decline ratio) rose to 2.2x from the 0.7x recorded in the previous trading session as 22 stocks advanced relative to the 10 that declined. The best performers were ROYALEX (+10.0%), NEM (+10.0%) and MANSARD (+9.8%) while ARDOVA (-10.0%), DEAPCAP (-8.3%) and CHIPLC (-7.4%) led the laggards. We expect market gains in subsequent trading days of the week due to the opportunity for bargain hunting.

Market Statistics for Wednesday, 4th March 2020

Market Cap (N’bn) 13,764.8
Market Cap (US$’bn) 38.2
NSE All-Share Index 26,415.54
Daily Performance % 0.6
WTD Performance % (1.5)
MTD Performance % (1.5)
QTD Performance % (1.6)
YTD Performance % (1.6)
Daily Volume (Million) 307.7
Daily Value (N’bn) 2.8
Daily Value (US$’m) 7.8

Source: Afrinvest

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