Stocks dive as investors book profit… ASI down 75bps

Sell pressures dominated today’s trading session as investors booked gains from MTNN (-1.4%), GUINNESS (-5.9%) and ARDOVA (-6.3%). As a result, the All-Share index declined 75bps to 28,449.49 points, market capitalisation fell (₦113.1bn) to ₦14.9tn while YTD return weakened to 6.0%. Activity level improved as volume and value traded rose by 9.8% and 44.3% to 326.6m units and ₦4.2bn respectively. The most traded stocks by volume were UBA (40.3m units), ZENITH (39.6m units) and GUARANTY (38.3m units) while GUARANTY (₦1.1bn), ZENITH (₦800.9m) and NESTLE (₦479.9m) led by value.

Performance across sectors was lacklustre all indices under our coverage lost save Insurance index (+0.6%) which was buoyed by price appreciation in WAPIC (+10.0%). The Banking index lost the most, down 1.7% following losses in GUARANTY (-1.3%) and ZENITH (-1.2%). Similarly, the AFR-ICT and Oil & Gas indices depreciated 1.1% and 0.3% respectively, due to sell pressures in MTNN (-1.4%) and ARDOVA (-10.0%). Likewise, profit-taking in GUINNESS (-5.9%) and WAPCO (-4.4%), dragged the Consumer and Industrial Goods indices lower by 0.1% and 0.3% respectively. 

Investor sentiment as measured by market breadth (advance/decline ratio) fell to 0.1x from the 1.4x recorded in the previous session as 4 stocks gained against 34 decliners. WAPIC (+10.0%), PORTPAINT (+2.5%) and UAC-PROP (+1.3%) gained the most while ROYALEX (-8.0%), NEIMETH (-7.6%) and UNIONDAC (-7.1%) led the laggards. We expect the equities market to close the week negative due to weak buying interest.

Market Statistics for Wednesday, 21st October 2020 

Market Cap (N’bn) 14,870.1
Market Cap (US$’bn) 38.5
NSE All-Share Index 28,449.49
Daily Performance % (0.8)
WTD Performance % (0.7)
MTD Performance % 6.0
QTD Performance % 6.0
YTD Performance % 6.0
Daily Volume (Million) 326.6
Daily Value (N’bn) 4.2
Daily Value (US$’m) 10.9

Afrinvest

Categories: Finance,News,Stock Market

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