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Nigeria Daily Market Report | Domestic Equities Market Opens the Week Negative... ASI down 27bps
(Source: Afrinvest Research , Date: 12-Oct-2020)

Dear Afrinvestor, 

Market Statistics for Monday, 12th October 2020 

Market Cap (N'bn)


Market Cap (US$'bn)


NSE All-Share Index


Daily Performance %


WTD Performance %


MTD Performance %


QTD Performance %


YTD Performance % 


Daily Volume (Million)


Daily Value (N'bn)


Daily Value (US$'m)


Domestic Equities Market Opens the Week Negative... ASI down 27bps
The equities market opened the week negative as the All-Share Index lost 0.3% due to sell-offs in MTNN (-0.4%), BUACEMENT (-1.5%) and FLOURMILL (-4.5%) to close at 28,337.49 points. As a result, market capitalisation declined to ₦14.8tn as investors lost ₦40.7bn while YTD return worsened to 5.6%. Activity level was mixed as volume traded fell 3.9% to 369.2m units while value traded rose 30.6% to ₦5.1bn. The most active stocks by volume were UBA (95.1m units), GUARANTY (65.5m units) and ZENITH (47.2m units) while GUARANTY (₦1.9bn), ZENITH (₦944.3m) and UBA (₦678.7m) led by value.

Bearish Sector Performance 
Sector performance was uninspiring as all indices our coverage lost save Oil & Gas index which gained 1.4% due to buy interest in ETERNA (+9.9%) and SEPLAT (+2.4%). The Insurance and Consumer Goods indices lost the most, down 1.8% and 0.9% respectively due to sell offs in MANSARD (-9.7%) and AIICO (-3.6%) as well as FLOURMILL (-4.5%) and INTBREW (-9.1%). Similarly, the Industrial Goods, AFR-ICT and Banking indices declined 0.5%, 0.2% and 0.1% respectively on the back of price depreciation in BUACEMENT (-1.5%),  MTNN (-0.4%) ZENITH (-0.3%). 

Investor Sentiment Strengthens
Investor sentiment as measured by market breadth (advance/decline ratio) rose to 0.8x from the 0.6x recorded in the previous session as 13 stocks gained against 16 decliners. ETERNA (+9.9%), UNIONDAC (+8.3%) and TRANSCORP (+4.8%) gained the most while INTBREW (-9.1%), MANSARD (-5.7%) and FLOURMILL (-4.5%) led the laggards. We expect losses in the market to be sustained as investors book profit.
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