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Dear Afrinvestor, 

Market Statistics for Thursday, 14th November, 2019 

Banking Stocks Bolt Market to Stardom... ASI Leaps 184bps
Today, bullish sentiment pushed the benchmark index northward as the ASI surged 1.8% to 26,843.11 points following gains in GUARANTY (+6.8%), ZENITH (+7.6%) and ACCESS (+9.6%). Consequently, YTD return improved to -14.6% while market capitalisation rose by N236.3bn to N13.1tn. Activity level was mixed as volume traded rose 2.3% to 624.8m units while value traded declined 9.8% to N10.0bn. The most active stocks by volume were ZENITH (167.9m units), ACCESS (99.3m units) and UBA (67.8m units) while ZENITH (N3.2bn), NIGERIAN BREWERIES (N1.7bn) and MTNN (N1.6bn) led by value.  

Stellar Sector Performance
Performance across sectors was impressive as 4 of 6 sectors under our coverage gained. The Banking index (+7.0%) led gainers following gains in GUARANTY (+6.8%), ZENITH (+7.6%) and ACCESS (+9.6%). The Insurance (+2.0%) and Industrial Goods (+1.2%) indices followed suit, due to buying interest in CONTINSURE (+4.4%), AIICO (+6.9%) and WAPCO (-5.7%). Also, price appreciation in DANGSUGAR (+9.5%), GUINNESS (+9.7%) and NIGERIAN BREWERIES (+0.5%) moved the Consumer Goods index 1.0% upward. Conversely, the Oil & Gas index lost 1.6% while sell-offs in MTNN (-0.1%) put the AFR-ICT index (-0.1%) in the red territory.

Investor Sentiment Strengthens
Investor sentiment as measured by market breadth (advance/decline ratio) surged to 11.3x from the 0.8x recorded previously as 34 stocks gained against 3 decliners. The top gainers were EKOCORP (+9.8%), CAVERTON (+9.8%) and GUINNESS (+9.7%) while IKEJAHOTEL (-9.4%), CHAMPION (-9.1%) and MTNN (-0.1%) were the top losers. Following the marked improvement in sentiment in the equities market, we expect a mixed market performance in the short term as bulls continue to battle bears for dominance.

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Best Regards,