Equities Market rebound following MTNN listing as investors gain N1.9bn 

The local bourse closed in the green halting an 8-day bearish trend as bargain hunting in UNILEVER (+3.2%), UBN (+1.5%) and NPFMCRFBK (+9.7%) drove the All Share Index 0.5% higher, to settle at 28,438.19 points. Consequently, YTD loss moderated to -9.5% while market capitalisation rose N1.9 billion to close at N12.5 trillion following the new listing of MTN Nigeria Communications Plc (MTNN). A total of 5.5 million units shares of MTNN was traded at N99/share valued at N548.6 million. Similarly, activity level strengthened as volume and value traded advanced 76.7 per cent and 35.4 per cent to 312.4 million units and N2.8 billion respectively. The top traded stocks by volume were TRANSCORP (105.5m units), ACCESS (23.5m units) and FCMB (23.2m units) while the top traded stocks by value were GUARANTY (N511.2m), NIGERIAN BREWERIES (N494.6m) and ZENITH (N325.3m).

For the second consecutive trading session, all indices under our coverage closed negative. The Banking index declined the most, down 1.7 per cent on account of price depreciation in GUARANTY (-1.9%) and ZENITH (-2.3%). The Industrial Goods and Consumer Goods indices trailed, shedding 1.0 per cent and 0.8 per cent respectively as investors sold off on DANGCEM (-1.1%), WAPCO (-1.9%), CUTIX (-8.3%), and DANGSUGAR (-2.2%) while the Oil & Gas index slid 0.6 per cent following sell pressures in OANDO (-4.3%). Finally, the Insurance index marginally declined 0.1 per cent on the back of losses in AIICO (-4.4%).    

Investor sentiment softened as market breadth (advance/decline ratio) eased to 0.4x from 0.6x recorded in the previous trading session as 10 stocks advanced relative to 25 decliners. The best performing stocks were NPFMCRFBK (+9.7%), ABCTRANS (+7.4%) and WAPIC (+5.6%) while UNITYBANK (-9.7%), CUTIX (-8.3%) and SOVRENINS (-8.0%) were the underperforming stocks. Following the significant buying interest on the newly listed MTNN on the Nigerian Stock Exchange, we expect the local bourse to maintain its bullish performance as investors look to extend trade in MTN’s fundamentally sound stock.

Market Statistics Thursday, 16th May 2019

Market Cap (N’bn)                              12,525.7

Market Cap (US$’bn)                                40.9

NSE All-Share Index                           28,438.19

Daily Performance %                                 0.5

1 Week Performance %                             (1.6)

YTD Performance %                                (9.5)

Daily Volume (Million)                          312.4

Daily Value (N’bn)                                  2.8

Daily Value (US$’m)                               9.2


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