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Nigeria Daily Market Report | Stock Market Remains Upbeat... ASI up 0.7%
(Source: Afrinvest Research , Date: 28-Sep-2020)

Dear Afrinvestor, 

Market Statistics for Monday, 28th September 2020 

Market Cap (N'bn)

13,853.4

Market Cap (US$'bn)

36.4

NSE All-Share Index

26,507.84

Daily Performance %

0.7

WTD Performance %

0.7

MTD Performance %

4.7

QTD Performance %

7.3

YTD Performance % 

(1.2)

Daily Volume (Million)

336.8

Daily Value (N'bn)

4.0

Daily Value (US$'m)

10.5

Stock Market Remains Upbeat... ASI up 0.7%
The equities market opened bullish due to price appreciation in MTNN (+2.0%), WAPCO (+6.3%) and FBNH (+3.9%). Consequently, the All-Share Index advanced 72bps to 26,507.84 points. Market capitalisation rose ₦98.5bn to ₦13.9tn while YTD return improved to -1.2%. Activity level was mixed as volume traded advanced 0.3% to 336.8m units while value traded decreased 6.9% to ₦4.0bn. The most traded stocks by volume were ZENITH (89.5m units), STERLNBANK (72.3m units) and UBA (42.3m units) while ZENITH (₦1.6bn), MTNN (₦692.2m) and GUARANTY (₦396.2m) led by value.

Sublime Sector Performance 
Performance across sector was impressive as all 6 indices under our coverage appreciated. The Insurance index advanced the most, up 1.8%  following gains in AIICO (+9.7%) and WAPIC (+2.9%). Similarly, the Oil & Gas and AFR-ICT indices climbed 1.3% and 1.1% respectively due to price appreciation in TOTAL (+10.0%), OANDO (+9.9%) and MTNN (+2.0%). In the same vein, the Consumer and Industrial Goods indices rose 0.5% apiece on the back of buying interest in INTBREW (+8.3%), WAPCO (+6.3%) and BUACEMENT (+0.3%). Lastly, the Banking index increased 0.3% as investors took position in FBNH (+3.9%), UBN (+3.0%) and ACCESS (+0.8%). 

Investor Sentiment Strengthens
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 3.1x from the 1.2x recorded previously as 22 stocks gained against the 7 that lost. TOTAL (+10.0%), CHAMPION (+9.9%) and OANDO (+9.9%) were top gainers while UAC-PROP (-10.0%), BETAGLAS (-9.9%) and CAVERTON (-6.5%) were the laggards. We anticipate a sustained bullish momentum in the next trading session.
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