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Nigeria Daily Market Report |Bargain Hunting halts Bearish Momentum... ASI up 38bps
(Source: Afrinvest Research , Date: 10-Sep-2020)

Dear Afrinvestor, 

Market Statistics for Thursday, 10th September 2020 

Market Cap (N'bn)

13,313.9

Market Cap (US$'bn)

34.5

NSE All-Share Index

25,520.97

Daily Performance %

0.3

WTD Performance %

(0.3)

MTD Performance %

0.8

QTD Performance %

4.3

YTD Performance % 

(4.9)

Daily Volume (Million)

236.4

Daily Value (N'bn)

1.6

Daily Value (US$'m)

4.1

Bargain Hunting halts Bearish Momentum... ASI up 38bps
The local bourse recorded the first gain this week as the All-Share Index advanced 38bps to settle at 25,520.97 points owing to bargain hunting in ZENITH (+3.4%), GUARANTY (+1.9%) and MTNN (+0.4%). Consequently,  market capitalisation rose to ₦13.3tn as investors gained ₦50.1bn while YTD loss improved to -4.9%. Activity level waned as volume and value traded decreased 13.2% and 42.7% respectively to 236.4m units and ₦1.6bn. The most traded stocks by volume were ZENITH (33.2m units), FIDELITY (30.0m units) and MBENEFIT (25.0m units) while ZENITH (₦546.8m), GUARANTY (₦221.9m) and SEPLAT (₦174.3m) led by value.

Bullish Sector Performance 
Sector performance was bullish as 4 of the 6 indices that we cover gained while 2 lost. The  Insurance and  Oil & Gas indices lost 1.7% and 1.3% respectively following sell pressures in  CORNERSTONE (-7.6%), CUSTODIAN (-3.0%) and SEPLAT (-2.5%). On the other hand, the Banking and AFR-ICT indices were the best performing indicators, gaining 2.3% and 0.2% respectively, buoyed by price appreciation in  ZENITH (+3.4%), GUARANTY (+1.9%) and MTNN (+0.4%). Similarly, the Consumer and Industrial Goods indices posted respective gains of  0.1% and 2bps, on the back of buying interest in NIGERIAN BREWERIES (+0.1%), HONYFLOUR (+4.4%) and WAPCO (+0.4%). 

Investor Sentiment Improves
Investor sentiment as measured by market breadth (advance/decline ratio) rose to 1.8x from the 0.3x recorded previously as 22 stocks gained against the 12 that lost. The top gainers were ETERNA (+9.7%), CILEASING (+8.5%) and WEMABANK (+7.8%) while ABCTRANS (-7.7%), CORNERSTONE (-7.6%) and CHIPLC (-5.9%) lost the most. We expect the equities market to close the week on a bearish note. However, there are opportunities for bargain hunting,
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