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Nigeria Daily Market Report |The Streak Continues... ASI Up 34bps
(Source: Afrinvest Research , Date: 01-Sep-2020)

Dear Afrinvestor, 

Market Statistics for Tuesday, 1st September 2020 

Market Cap (N'bn)

13,258.1

Market Cap (US$'bn)

34.3

NSE All-Share Index

25,413.76

Daily Performance %

0.3

WTD Performance %

0.4

MTD Performance %

0.4

QTD Performance %

3.8

YTD Performance % 

(5.3)

Daily Volume (Million)

1073.8

Daily Value (N'bn)

1.2

Daily Value (US$'m)

5.5

The Streak Continues... ASI Up 34bps
The stock market sustained previous day's positive performance as gains in NIGERIAN BREWERIES (+5.4%), UBA (+4.8%) and ETI (+6.4%) drove the benchmark index up 34bps to settle at 25,413.76 points. As a result, investors gained ₦45.3bn as market capitalisation advanced to ₦13.3tn while YTD loss moderated to -5.3%. Activity level was mixed as volume traded spiked 255.6% to 1.1bn units while value traded declined -19.9% to ₦2.1bn. The top traded stocks by volume were ACCESS (22.7m units), GUARANTY (10.9m units) and FIDELITY (8.5m units) while DANGCEM (₦356.2m), GUARANTY (₦279.4m) and ACCESS (₦150.0m) led by value.

Bullish Sector Performance 
Performance across sectors was bullish as 4 of 6 indices under our coverage closed in the green. The Banking and Consumer Goods indices were the best performers, up 107bps and 88bps respectively owing to price upticks in UBA (+4.8%), ACCESS (+3.2%) and NIGERIAN BREWERIES (+5.4%). Similarly, gains in AIICO (+5.6%) and MTNN (+0.2%) buoyed the Insurance and AFR-ICT indices higher by 80bps and 9bps respectively. On the flip side, the Industrial Goods index was the lone loser, down 12bps due to sell pressures in DANGCEM (-0.7%) while the Oil & Gas index closed flat.

Investor Sentiment Improves
Investor sentiment as measured by market breadth (advance/decline ratio) climbed to 3.0x from the 0.7x recorded previously as 27 stocks gained against the 9 that declined. The top gainers were LIVESTOCK (+10.0%), ETERNA (+9.5%) and JAIZBANK (+8.9%) while WAPIC (-5.7%), UBN (-5.7%) and PZ (-2.4%) lost the most. We expect the soft gains to be sustained on the back of improved investor appetite.

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