The domestic equities market continued on a bearish note following the democracy day holiday on Wednesday, shedding 23bps to settle at 30,029.15points following losses in DANGCEM (-1.1%), DANGSUGAR (-2.7%) and ACCESS (-1.6%). Consequently, market capitalisation shed N31.1bn to settle at N13.2tn while YTD loss worsened to -4.5%. However, activity level strengthened as volume and value traded advanced by 3.9% and 69.2% to 242.6m units and N6.0bn respectively. GUARANTY (78.3m units), ZENITHBANK (34.0m units) and UBA (25.5m units) were the top trades by volume while GUARANTY (N2.4bn), MTNN (N1.3bn) and ZENITHBANK (N681m) led the top trades by value.
Sector performance was largely bullish as 5 out of 6 indices under our coverage trended northwards. The Oil & Gas index led advancers with a gain of 0.2% following buying interest in OANDO (+1.3%) and FORTE (+0.9%), followed by the banking index which advanced 0.1% due to price appreciation in GUARANTY (+1.0%). The Insurance and Consumer Goods indices trailed with gains of 7bps and 2bps respectively on the back of gains in MBENEFIT (+5.0%), AIICO (+1.5%), NIGERIAN BREWERIES (+0.9%) and UNILEVER (+0.2%). The AFRI-ICT index also appreciated by 0.1% following a positive performance in MTNN (+0.1%). On the flip side, the Industrial Goods index declined by 0.6% as DANGCEM shed -1.1%.
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.9x from 0.6x recorded in the previous session as 14 stocks advanced against 15 decliners. Top performers were GLAXOSMITH (+9.2%), MAYBAKER (+6.3%) and MBENEFIT (+5.0%) while CILEASING (-9.9%), NPFMCRBK (-9.7%) and UAC-PROP (-8.5%) declined the most. Going forward, we expect bargain hunting activities in stocks with attractive prices, although this may be short lived in the absence of a major catalyst to the economy.
|Market Cap (N’bn)||13,225.0|
|Market Cap (US$’bn)||36.7|
|NSE All-Share Index||30,029.15|
|Daily Performance %||(0.2)|
|WTD Performance %||(1.6)|
|YTD Performance %||(4.5)|
|Daily Volume (Million)||242.6|
|Daily Value (N’bn)||6.0|
|Daily Value (US$’m)||16.5|