Sell off in Nigeria Breweries, Guaranty, Zenith dragged the benchmark index lower by 26bps to 35,056.82 points. Consequently, investors lost ₦42.0bn as market capitalisation fell to ₦18.3tn while YTD return moderated to 30.6%. Activity level waned as volume and value traded rose 19.7% and 61.4% to 369.0m units and ₦5.5bn respectively. The most traded stocks by volume were ACCESS (46.3m units), FBNH (44.4m units) and ZENITH (44.0m units) while GUARANTY (₦1.3bn), ZENITH (₦1.1bn) and DANGSUGAR (₦619.1m) led by value.
Performance across sectors was weak as 4 of the 6 indices under our coverage declined. The Insurance index was the lone gainer, up 0.3% due to price appreciation in AIICO (+9.9%), CORENERSTONE (+7.4%) and CHIPLC (+7.1%). Conversely, the Consumer Goods and Banking indices declined 1.8% and 0.8% respectively, following sell-offs in NIGERIAN BREWERIES (-7.1%), GUARANTY (-2.6%) and ZENITH (-1.6%). Likewise, the Oil & Gas and Industrial Goods indices lost 0.7% and 2bps respectively, owing to price declines in OANDO (-5.0%), ARDOVA (-4.4%) and CAP (-7.0%). Lastly, the AFR-ICT index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.9x from the 0.8x recorded in the previous session as 19 stocks gained against the 22 that declined. AIICO (+9.9%), REGALINS (+9.1%) and FTNCOCOA (+8.7%) led the gainers while CILEASING (-9.9%), MANSARD (-9.7%) and NNFM (-9.7%) led the decliners. We expect bargain hunting in the next trading session.
Market Statistics for Wednesday, 2nd December 2020
| Market Cap (N’bn) | 18,322.8 |
| Market Cap (US$’bn) | 47.5 |
| NSE All-Share Index | 35,056.82 |
| Daily Performance % | (0.3) |
| WTD Performance % | 0.5 |
| MTD Performance % | 0.0 |
| QTD Performance % | 30.7 |
| YTD Performance % | 30.6 |
| Daily Volume (Million) | 369.0 |
| Daily Value (N’bn) | 5.5 |
| Daily Value (US$’m) | 14.2 |
Source: Afrinvest
