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 |
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