Profit-taking in MTNN (-0.4%), ZENITH (-1.5%) and FBNH (-0.9%) dragged the benchmark index 12bps lower to close at 24,625.24 points. As a result, market capitalisation declined ₦15.6bn to ₦12.8tn while YTD loss worsened to -8.3%. Activity level waned as volume and value traded fell 31.2% and 15.2% to 130.3m units and ₦1.6bn respectively. The most active stocks by volume were ZENITH (19.0m units), TRANSCORP (16.1m units) and FBNH (9.9m units) while MTNN (₦552.3m), ZENITH (₦308.4m) and DANGCEM (₦166.5m) led by value.
Across sectors, performance was bearish as 3 of the 6 indices under our coverage closed southward. The Insurance index led laggards, down 0.3% due to price depreciation in LINKASSURE (-9.4%). Similarly, the AFR-ICT and Banking indices declined 0.2% apiece owing to sell pressures in MTNN (-0.4%), ZENITH (-1.5%) and FBNH (-0.9%). Lastly, the Oil & Gas, Consumer and Industrial Goods indices closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) improved to 1.1x from the 0.8x recorded in the previous session as 9 stocks advanced against 8 decliners. The best performing stocks were NEIMETH (+9.6%), WEMABANK (+9.1%) and CHAMS (+4.3%) while LINKASSURE (-9.4%), JAPAULOIL (-7.7%) and LIVESTOCK (-2.9%) lost the most. Following four consecutive days of sustained profit taking by investors, we expect the equities market to close in the red. However, opportunities for bargain hunting exists in the last trading session for the week.
Market Statistics for Thursday, 25th June 2020
| Market Cap (N’bn) | 12,845.98 |
| Market Cap (US$’bn) | 35.7 |
| NSE All-Share Index | 24,625.17 |
| Daily Performance % | (0.1) |
| WTD Performance % | (0.8) |
| MTD Performance % | (2.5) |
| QTD Performance % | 15.6 |
| YTD Performance % | (8.3) |
| Daily Volume (Million) | 130.3 |
| Daily Value (N’bn) | 1.6 |
| Daily Value (US$’m) | 4.5 |
Source: Afrinvest
