Sell-offs in MTNN (-3.5%), ETI (-3.9%) and STERLNBA (-6.0%) dragged the All-Share Index 22bps down to 26,974.38 points. This resulted to a slowdown in YTD return to 0.5% while market capitalisation fell ₦30.6bn to ₦14.1tn. Activity level was depressed as volume and value traded plunged 5.5% and 23.0% to 228.4m units and ₦2.7bn respectively. The most active stocks by volume were UBA (81.1m units), ZENITH (31.0m units) and ACCESS (22.3m units) while ZENITH (₦590.3m), DANGCEM (₦551.9m) and UBA (₦548.9m) led by value.
Performance was mixed as the Oil & Gas index closed flat, 3 indices gained and 2 indices lost across sectors under our coverage. Sustained price declines in AIICO (-5.8%), CHIPLC (-9.4%) and WAPIC (-3.1%) pulled the Insurance index down 1.1%. Also, the AFR-ICT index lost 1.9% following loss in MTNN (-3.5%). Conversely, the Industrial Goods index led gainers, up 2.0% due to buying interest in BUACEMENT (+3.5%). Similarly, the Banking and Consumer Goods indices rose 0.4% and 1bps respectively,on the back of gains in GUARANTY (+0.8%), UBA (+4.4%) and HONYFLOUR (+9.4%).
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.7x from the 0.4x recorded in the previous trading session as 11 stocks advanced relative to 16 decliners. The top gainers were HONYFLOUR (+9.4%), FCMB (+6.3%) and EKOCORP (+5.8%) while VITAFOAM (-10.0%), REDSTAREX (-10.0%) and UPL (-9.6%) led the decliners. We anticipate a bearish outing tomorrow, despite opportunities for bargain hunting and dividend gain.
Corporate Action
Dangote Cement Plc declared final dividend of ₦16.00 per share representing a 9.4% dividend yield at current prices. The closure date is 26th May, 2020 while qualification date is 25th May, 2020 and payment would be made on 16th June, 2020.
Market Statistics for Wednesday, 26th February 2020
| Market Cap (N’bn) | 14,052.4 |
| Market Cap (US$’bn) | 39.0 |
| NSE All-Share Index | 26,974.38 |
| Daily Performance % | (0.2) |
| WTD Performance % | (1.5) |
| MTD Performance % | (6.5) |
| QTD Performance % | 0.5 |
| YTD Performance % | 0.5 |
| Daily Volume (Million) | 228.4 |
| Daily Value (N’bn) | 2.7 |
| Daily Value (US$’m) | 7.6 |
Source: Afrinvest
