The benchmark index declined by 54bps to settle at 24,650.16 points due to sell-offs in MTNN (-1.7%), GUARANTY (-3.0%) and SEPLAT (-9.8%). Consequently, investors lost ₦69.6bn as market capitalisation fell to ₦12.9tn while YTD loss worsened to -8.2%. Activity level waned as volume and value traded declined by 11.5% and 17.1% to 150.4m units and ₦2.0bn respectively. The top traded stocks by volume were MBENEFIT (26.9m units), FBNH (17.0m units) and ACCESS (11.2m units) while MTNN (₦939.5m), GUARANTY (₦190.4m) and WAPCO (₦130.8m) led by value.
Performance across sectors was bearish as only the Insurance index (+0.4%) gained due to price appreciation in MBENEFIT (+10.0%) and AIICO (+1.1%). On the other hand, the Oil & Gas (-5.2%) and AFR-ICT (-0.9%) indices declined on the back of losses in SEPLAT (-9.8%), TOTAL (-9.9%) and MTNN (-1.7%). The Banking (-0.5%) and Consumer Goods (-0.1%) indices also lost owing to sell-pressures in GUARANTY (-3.0%), FBNH (-1.0%), PZ (-3.7%) and GUINNESS (-1.8%). Lastly, the Industrial Goods index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) remained unchanged at 0.8x as 14 stocks advanced against the 17 decliners. The top gainers were MBENEFIT (+10.0%), BERGER (+10.0%) and UNITYBNK (+8.8%) while TOTAL (-9.9%), SEPLAT (-9.8%) and NPFMCRFBK (-7.7%) lost the most. We believe the performance of the market this week would be majorly dictated by the trend in earnings releases.
Mutual Benefit Plc (Unaudited Q2:2020 Result): Gross Premium Written rose 16.0% y/y to ₦4.6bn from ₦4.0bn in Q2:2019 while profit after tax increased 17.9% to ₦635.0m from ₦538.7m in Q2:2019.
International Breweries Plc (Unaudited Q2:2020 Result): Revenue declined 24.7% y/y to ₦25.3bn from ₦33.5bn in Q2:2019 while loss after tax stood at ₦3.7bn from ₦2.9bn in Q2:2019.
Market Statistics for Tuesday, 28th July 2020
|Market Cap (N’bn)||12,859.0|
|Market Cap (US$’bn)||33.3|
|NSE All-Share Index||24,650.16|
|Daily Performance %||(0.5)|
|WTD Performance %||0.9|
|MTD Performance %||0.7|
|QTD Performance %||0.7|
|YTD Performance %||(8.2)|
|Daily Volume (Million)||150.4|
|Daily Value (N’bn)||2.0|
|Daily Value (US$’m)||5.1|