FCMB Plc has said at the floor of the Nigerian Stock Exchange that it issued ₦20 billion commercial paper with a tenor of 269 days to support the bank’s short-term funding needs. The company also notified shareholders on the change of its auditor, Messrs KPMG Professional Services, to Messrs Deloitte and Touche, following the expiration of the 10-year tenure of the former.
During trading, Stocks continue to crater on COVID-19 and oil fears as the All-Share index lost 492bps (the lowest in a decade) to close at 24,388.66 points, dragged by losses in MTNN (-10.0%), GUARANTY (-9.9%) and ZENITH (-9.7%). Consequently, investors lost ₦656.0bn as market capitalisation declined to ₦12.7tn while the YTD loss nosedived to -9.1%. Activity level surged as volume and value traded rose 220.3% and 130.5% to 594.6m units and ₦4.2bn respectively. The most actively traded stocks by volume were UBA (166.4m units), FBNH (164.0m units) and GUARANTY (54.5m units) while GUARANTY (₦1.1bn), UBA (₦942.7m) and FBNH (₦724.8m) led by value.
In line with market performance, all indices under our coverage closed red. The Banking (-12.5%) and AFR-ICT (-5.6%) indices lost the most, following sell pressures in GUARANTY (-9.9%), ZENITH (-9.7%) and MTNN (-10.0%). Similarly, the Consumer Goods and Insurance indices declined 4.4% and 2.9% respectively, due to losses in NIGERIAN BREWERIES (-9.9%), AIICO (-9.3%) and MANSARD (-9.3%). Lastly, the Industrial Goods (-1.1%) and Oil & Gas (-0.9%) indices fell on the back of declines in CAP (-9.9%) and OANDO (-9.9%) respectively.
Investor sentiment as measured by market breadth (advance/decline ratio) remained weak but positively skewed to 0.09x from the 0.03x recorded in yesterday’s trading session as 3 stocks advanced against 33 that declined. The best performing stocks were NEIMETH (+10.0%), HONYFLOUR (+3.4%) and NEM (+1.2%) while MTNN (-10.0%), DANGSUGAR (-10.0%) and STANBIC (-10.0%) led the laggards. As oil prices struggle to trend upwards amid no respite for the COVID-19 outbreak, we expect sentiment to remain bearish in the next trading session.
Market Statistics for Tuesday, 10th March 2020
| Market Cap (N’bn) | 12,709.5 |
| Market Cap (US$’bn) | 35.3 |
| NSE All-Share Index | 24,388.66 |
| Daily Performance % | (4.9) |
| WTD Performance % | (7.2) |
| MTD Performance % | (7.0) |
| QTD Performance % | (9.1) |
| YTD Performance % | (9.1) |
| Daily Volume (Million) | 594.6 |
| Daily Value (N’bn) | 4.2 |
| Daily Value (US$’m) | 11.7 |
Source: Afrinvest
