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Nigeria Daily Market Report |Profit-Taking Drags Performance... ASI down 0.1%
(Source: Afrinvest Research , Date: 27-Aug-2020)

Dear Afrinvestor, 

Market Statistics for Thursday, 27th August 2020 

Market Cap (N'bn)

13,201.0

Market Cap (US$'bn)

34.2

NSE All-Share Index

25,304.25

Daily Performance %

(0.1)

WTD Performance %

0.3

MTD Performance %

2.5

QTD Performance %

3.4

YTD Performance % 

(5.7)

Daily Volume (Million)

251.3

Daily Value (N'bn)

1.6

Daily Value (US$'m)

4.1


Profit-Taking Drags Performance... ASI down 0.1%
At the close of trade, the equities market posted a negative performance as profit-taking in DANGCEM (-0.6%), ACCESS (-2.3%) and ZENITH (-0.6%) pulled the benchmark index down 10bps to settle at 25,304.25 points. As a result, investors lost ₦13.5bn as market capitalisation declined to ₦13.2tn while YTD loss worsened to -5.7%. Activity level improved as volume and value traded rose 39.0% and 16.5% to 251.3m units and ₦1.8bn respectively. The top traded stocks by volume were UACN (111.9m units), UBA (25.0m units) and FBNH (20.9m units) while UACN (₦643.2m), UBA (₦159.5m) and ZENITH (₦125.7m) led by value.

Mixed Sector Performance 
Performance across sectors was mixed as 2 indices under our coverage lost, 2 gained while 2 closed flat. The Industrial Goods and Banking indices closed negative, down 37bps and 33bps respectively due to profit-taking in DANGCEM (-0.6%), WAPCO (-1.3%), ACCESS (-2.3%) and ZENITH (-0.6%). On the flip side, the Insurance and Consumer Goods indices rose 64bps and 52bps respectively following price upticks in MANSARD (+6.4%), NIGERIAN BREWERIES (+2.8%) and GUINNESS (+0.7%). Lastly, the Oil & Gas and AFR-ICT indices closed flat.

Investor Sentiment Worsens
Investor sentiment as measured by market breadth (advance/decline ratio) fell to 0.6x from the 3.0x recorded previously as 11 stocks gained against the 19 that declined. The top gainers were MAYBAKER (+9.9%), UPL (+9.4%) and MANSARD (+6.4%) while CHIPLC (-8.1%), FIDSON (-7.2%) and LASACO (-6.1%) lost the most. We expect the equities market to close the week on a bullish note.
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