Sell pressures continued at the stock market on sustained profit-taking, dragging the All-Share index lower by 31bps to 28,546.22 points. This was driven by price depreciation in DANGCEM (-4.8%), NIGERIAN BREWERIES (-7.1%) and BUACEMENT (-0.8%). As a result, investors lost ₦46.1bn as market capitalisation fell to ₦14.9tn while YTD return weakened to 6.3%. Activity level waned as volume and value traded fell by 31.6% and 48.5% to 569.4m units and ₦4.9bn respectively. The most traded stocks by volume were ETERNA (112.9m units), ZENITH (74.2m units) and ACCESS (57.1m units) while ZENITH (₦1.5bn), GUARANTY (₦578.7m) and ACCESS (₦449.2m) led by value.
Performance across sectors was mixed as 3 of 6 indices under our coverage gained. The Banking and Insurance indices gained the most, up 2.9% and 1.3% respectively due to bargain hunting in GUARANTY (+3.2%), ZENITH (+2.8%) and MANSARD (+7.1%). Trailing, the AFR-ICT index appreciated 1.1%, following buy interest in AIRTELAF (+2.5%). Conversely, the Industrial and Consumer Goods indices declined 2.7% and 1.3% respectively, on the back of sell pressures in DANGCEM (-4.8%), BUACEMENT (-0.8%) and NIGERIAN BREWERIES (-7.1%). Likewise, profit-taking in OANDO (-2.6%), CONOIL (-5.6%) and ARDOVA (-2.7%), dragged the Oil & Gas index lower by 0.5%.
Investor sentiment as measured by market breadth (advance/decline ratio) rose to 1.5x from the 0.7x recorded in the previous session as 26 stocks gained against 17 decliners. ETERNA (+10.0%), UNILEVER (+9.8%) and ETI (+8.5%) gained the most while DEAPCAP (-10.0%), MBENEFIT (-8.7%) and CORNERSTONE (-8.3%) led the laggards. We expect the equities market to close the week positive due to strong buying interest.
Corporate Actions
Transcorp Hotels Plc notified its shareholders of the NSE’s approval of the Company’s request extend its free float compliance by three (3) years (ending October 3, 2023). This is to enable the Company to comply with The Exchange’s free float requirements of 20% issued and fully paid share capital or ₦20.0bn free float market capitalisation for companies listed on its Main Board.
Lasaco Insurance Plc announced the Board’s approval of the appointment of Dr. (Mrs.) Olateju Phillips as the Company’s new Chairman.
Market Statistics for Thursday, 8th October 2020
| Market Cap (N’bn) | 14,920.6 |
| Market Cap (US$’bn) | 38.7 |
| NSE All-Share Index | 28,546.22 |
| Daily Performance % | (0.3) |
| WTD Performance % | 5.8 |
| MTD Performance % | 6.4 |
| QTD Performance % | 6.4 |
| YTD Performance % | 6.3 |
| Daily Volume (Million) | 569.4 |
| Daily Value (N’bn) | 4.9 |
| Daily Value (US$’m) | 12.7 |
Source: Afrinvest
