The Bulls extend lead at Nigerian Stock market… ASI up 1.3%

The stock market remained upbeat today as the All-Share index advanced 1.3% to settle at 32,647.10 points due to gains in MTNN (+4.1%), STANBIC (+4.4%) and ZENITH (+2.3%). Consequently, market capitalisation rose ₦211.1bn to ₦17.1tn while YTD return improved to 20.6%. Activity level decreased as volume and value traded declined by 9.0% and 6.1% to 578.8m units and ₦7.7bn respectively. The most traded stocks by volume were ZENITH (67.9m units), FBNH (64.7m units) and ACCESS (60.2m units) while ZENITH (₦1.6bn), GUARANTY (₦1.2bn) and DANGCEM (₦556.3m) led by value .

All 6 sectors under our coverage closed positive. The Insurance and AFR-ICT indices led the pack, appreciating 3.3% and 2.3% respectively following gains in CUSTODIAN (+1.8%), LINKASSURE (+8.9%), and MTNN (+4.1%). Similarly, the Oil & Gas and Banking indicators advanced 1.3% and 0.9% respectively, reflecting the sustained buying interest in OANDO (+9.7%), ARDOVA (+7.1%) and ZENITH (+2.3%). Lastly, the Consumer and Industrial Goods indices closed higher by 0.8% and 0.2% respectively as investors took position in DANGSUGAR (+7.2%), NIGERIAN BREWERIES (+1.0%) and BUACEMENT (+1.1%).

Investor sentiment as measured by market breadth (advance/decline ratio) declined to 3.5x from the 4.5x recorded in the previous day as 39 tickers gained against the 11 that declined. NEIMETH (+10.0%), GLAXOSMITH (+10.0%), CADBURY (+10.0%) and NASCON (+10.0%) were the top performers while ABCTRANS (-8.8%), PZ (-5.4%) and CHAMS (-4.3%) led  the decliners. We expect investors to take profit in the next trading session following the sustained bullish momentum.

Market Statistics for Tuesday, 10th November 2020 

Market Cap (N’bn) 17,059.1
Market Cap (US$’bn) 44.2
NSE All-Share Index 32,647.10
Daily Performance % 1.3
WTD Performance % 5.3
MTD Performance % 6.9
QTD Performance % 21.7
YTD Performance % 20.6
Daily Volume (Million) 578.8
Daily Value (N’bn) 7.7
Daily Value (US$’m) 20.1

Source: Afrinvest

Categories: Finance,News,Stock Market

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