At the close of trade, the All-Share Index shed 94bps to 21,100.54 points following sell-offs in DANGCEM (-9.9%), ZENITH (-2.6%) and FLOURMILL (-9.9%). Consequently, YTD return settled at -21.4% while market capitalisation decreased ₦104.2bn to ₦10.9tn. Activity level was mixed as volume traded fell 63.4% to 154.4m units while value traded rose 2.5% to ₦1.8bn. The most active stocks by volume were ZENITH (38.7m units), GUARANTY (22.3m units) and FBNH (14.9m units) while ZENITH (₦443.5m), GUARANTY (₦391.1m) and MTNN (₦175.7m) led the value chart.
Sector performance was mixed, albeit negatively skewed as 3 of 6 indices under our coverage lost while the Oil & Gas index closed flat. The AFR-ICT and Insurance indices gained 4.7% and 0.1% respectively as a result of buying interest in MTNN (+9.3%) and WAPIC (+4.0%). Conversely, the Industrial Goods index led laggards, down 2.6% on the back of sell-offs in DANGCEM (-9.9%). Similarly, the Banking and Consumer Goods indices trailed, depreciating 2.0% and 1.2% respectively due to losses in ZENITH (-2.6%), ETI (-9.0%), FLOURMILL (-9.9%) and NIGERIAN BREWERIES (-3.3%).
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.2x from the 0.7x recorded in the previous trading session as 6 stocks advanced relative to 23 decliners. The best performers were MTNN (+9.3%), INTBREW (+9.2%) and LIVESTOCK (+8.5%) while UNILEVER (-10.0%), DANGCEM (-9.9%) and GUINNESS (-9.9%) led the laggards. We expect the bearish sentiment to continue however, opportunites for bargain hunting exists in the equities market.
Market Statistics for Wednesday, 1st April 2020
| Market Cap (N’bn) | 10,996.6 |
| Market Cap (US$’bn) | 30.5 |
| NSE All-Share Index | 21,100.54 |
| Daily Performance % | (0.9) |
| WTD Performance % | (3.5) |
| MTD Performance % | (0.9) |
| QTD Performance % | (0.9) |
| YTD Performance % | (21.4) |
| Daily Volume (Million) | 154.4 |
| Daily Value (N’bn) | 1.8 |
| Daily Value (US$’m) | 4.9 |
Source: Afrinvest
