The equities market sustained its bullish trend following price appreciation in DANGCEM (+2.7%), ZENITH (+5.0%) and ACCESS (+3.7%) which pulled the All-Share Index (ASI) up 90bps to 27,586.93 points. Consequently, market capitalisation rose ₦117.7bn to close at ₦13.4tn. Activity level was mixed as volume traded fell by 14.2% to 446.4m units while value traded increased by 8.8% to ₦5.8bn. The top traded stocks by volume were UBA (86.8m units), ZENITH (73.2m units) and FBNH (34.7m units) while ZENITH (₦1.5bn), UBA (₦709.4m) and DANGCEM (₦697.0m) were the top traded stocks by value.
Among the 6 indices in our coverage, only the AFR-ICT (-0.2%) and Oil & Gas (-0.4%) indices lost due to sell-offs in MTNN (-0.4%) and FORTE (-6.1%). The Banking index led gainers with a 1.9% gain consequent on buying interest in ZENITH (+5.0%) and ACCESS (+3.7%). Trailing, the Industrial Goods (+1.7%) and Insurance (+1.2%) indices edged higher on the back of gains in DANGCEM (+2.7%) and WAPCO (+1.1%) as well as CHIPLC (+9.1%) and AIICO (+2.7%). Finally, buying interest in FLOURMILLS (+2.4%) and PZ (+9.8%) pushed the Consumer Goods 0.2% higher.
Investor sentiment as measured by market breadth (advance/decline ratio) waned to 1.4x from the 2.3x recorded on the previous trading day as 26 stocks gained as opposed to 19 losers. The best performing stocks for the day were PZ (+9.8%), FIDSON (+9.8%) and UNITY (+9.6%) while NCR (-10.0%), LIVESTOCK (-8.0%) and COURTVILLE (-8.6%) lost the most. Following the recent trend in the market, we maintain our bullish outlook on the market this week.
Market Statistics for Tuesday, 7th January 2020
|Market Cap (N’bn)||13,353.8|
|Market Cap (US$’bn)||37.0|
|NSE All-Share Index||27,586.93|
|Daily Performance %||0.9|
|W/W Performance %||2.8|
|MTD Performance %||2.8|
|QTD Performance %||2.8|
|YTD Performance %||2.8|
|Daily Volume (Million)||446.4|
|Daily Value (N’bn)||5.8|
|Daily Value (US$’m)||16.2|