The equities market opened the week positive as the All-Share Index expanded 7bps due to price appreciation in DANGCEM (+0.5%), GUINNESS (+1.3%) and WAPCO (+3.5%), to close at 25,327.13 points. Consequently, market capitalisation appreciated to ₦13.2tn as investors gained ₦9.3bn while YTD loss eased to -5.6%. Activity level improved as volume and value traded increased 120.4% and 185.5% to 302.0m units and ₦2.6bn respectively. The most active stocks by volume were UACN (74.4m units), ZENITH (23.9m units) and UBA (22.4m units) while UACN (₦435.3m), ZENITH (₦400.4m) and NESTLE (₦289.7m) led by value.
Performance across sectors was poor as 2 of 6 indices under our coverage recorded gains. The Oil & Gas and Industrial Goods indices closed positive, up 199bps and 55bps respectively owing to price upticks in MOBIL (+10.0%) and DANGCEM (+0.5%). Conversely, losses in ACCESS (-3.3%), ZENITH (-0.6%) and NEM (-3.7%) dragged the Banking and Insurance indices by 74bps and 61bps respectively. Lastly, the Consumer Goods index contracted 1bp following sustained selloffs in GUINNESS (-2.5%) while the AFR-ICT index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) fell to 0.7x from the 0.9x recorded previously as 11 stocks gained against the 17 that declined. The top gainers were MOBIL (+10.0%), FTNCOCOA (+8.3%) and ROYALEX (+7.7%) while CILEASING (-10.0%), UAC-PROP (-7.6%) and REDSTAREX (-5.2%) lost the most. We expect the soft demand to be sustained on the back of improved investor appetite.
Market Statistics for Monday, 31st August 2020
| Market Cap (N’bn) | 13,212.9 |
| Market Cap (US$’bn) | 34.2 |
| NSE All-Share Index | 25,327.13 |
| Daily Performance % | 0.1 |
| WTD Performance % | 0.1 |
| MTD Performance % | 2.6 |
| QTD Performance % | 3.5 |
| YTD Performance % | (5.6) |
| Daily Volume (Million) | 302.0 |
| Daily Value (N’bn) | 2.6 |
| Daily Value (US$’m) | 6.8 |
Source: Afrinvest
