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Nigeria Daily Market Report | Equities Market Edges Higher... ASI up 31bps
(Source: Afrinvest Research , Date: 22-Sep-2020)

Dear Afrinvestor, 

Market Statistics for Tuesday, 22nd September 2020 

Market Cap (N'bn)

13,407.6

Market Cap (US$'bn)

34.5

NSE All-Share Index

25,654.90

Daily Performance %

0.3

WTD Performance %

0.3

MTD Performance %

1.3

QTD Performance %

4.3

YTD Performance % 

(4.4)

Daily Volume (Million)

262.1

Daily Value (N'bn)

4.4

Daily Value (US$'m)

11.6

Equities Market Edges Higher... ASI up 31bps
The local bourse recorded a positive performance as the All-Share Index advanced 31bps to 25,654.90 points following gains in MTNN (+2.4%), DANGSUGAR (+0.8%) and FBNH (+2.0%). Consequently,  market capitalisation rose to ₦13.4tn as investors gained ₦28.8bn while YTD loss improved to -4.4%. Activity level advanced as volume and value traded rose 33.6% and 158.8% respectively to 262.1m units and ₦4.4bn. The most traded stocks by volume were ZENITH (45.9m units), FBNH (24.1m units) and TRANSCORP (20.9m units) while MTNN (₦1.6bn), ZENITH (₦766.3m) and PRESCO (₦626.9m) led by value.

Poor Sector Performance 
Sector performance was lackluster as 5 of the 6 indices that we cover closed in the negative region. The AFR-ICT index was the lone gainer, up 1.2% following price accretion in MTNN (+2.4%). On the flip side, the Insurance index was the worst-performing indicator, losing 1.1% due to price decline in CORNERSTONE (-6.2%) and LINKASSURE (-5.0%). Similarly, the Banking and Oil & Gas indices posted respective losses of  0.6% and 0.2%, on the back of sell pressures in UBN (-6.5%), ACCESS (-0.8%) and OANDO (-1.7%). Lastly, losses in INTBREW (-2.9%) and DANGCEM (-0.2%) dragged the Industrial and Consumer Goods indices lower by 0.1% apiece.

Investor Sentiment Weakens
Investor sentiment as measured by market breadth (advance/decline ratio) fell to 0.5x from the 0.6x recorded previously as 9 stocks gained against the 17 that lost. The top gainers were REDSTRAREX (+9.8%), CHIPLC (+9.7%) and TRANSEXPRESS (+9.3%) while UBN (-6.5%), CORNERSTONE (-6.2%) and LINKASSURE (-5.0%) lost the most. We expect bargain hunting to persist in the market.
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