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Nigeria Daily Market Report | Local Bourse Edges Higher... ASI up 2bps
(Source: Afrinvest Research , Date: 13-Oct-2020)

Dear Afrinvestor, 

Market Statistics for Tuesday, 13th September 2020 

Market Cap (N'bn)

14,816.0

Market Cap (US$'bn)

38.4

NSE All-Share Index

28,344.04

Daily Performance %

0.02

WTD Performance %

(0.3)

MTD Performance %

5.6

QTD Performance %

5.6

YTD Performance % 

5.6

Daily Volume (Million)

535.8

Daily Value (N'bn)

5.0

Daily Value (US$'m)

13.0

Local Bourse Edges Higher... ASI up 2bps
The stock market recorded its first gain of the week as price appreciation in NIGERIAN BREWERIES (+1.0%), STANBIC (+3.5%) and INTBREW (+9.6%) drove a 2bps increase in the benchmark index to 28,344.04 points. As a result, market capitalisation improved to ₦14.8tn as investors gained ₦3.4bn while YTD return improved to 5.6%. Activity level was mixed as volume traded rose 45.1% to 535.8m units while value traded fell 0.8% to ₦5.0bn. The most traded stocks by volume were REGALINS (245.8m units), GUARANTY (100.3m units) and UBA (32.9m units) while GUARANTY (₦3.0bn), STANBIC (₦526.8m) and ZENITH (₦295.3m) led by value.

Mixed Sector Performance 
Performance across sectors was mixed albeit positively skewed as 3 of 6 indices under our coverage closed in the green. The Consumer Goods index led the gainers, up 0.9% on the back of gains in NIGERIAN BREWERIES (+1.0%), INTBREW (+9.6%) and CADBURY (+1.4%). In the same vein, the Insurance and Oil & Gas indices appreciated 0.3% and 0.1% respectively, due to price uptick in AIICO (+3.7%) and ETERNA (+9.6%). On the flip side, the Banking and AFR-ICT indices declined 1.2% and 6bps respectively on the back of losses in GUARANTY (-2.5%), UBA (-2.9%) ETRANZACT (-9.8%). Lastly, the Industrial Goods index closed flat.

Investor Sentiment Strengthens
Investor sentiment as measured by market breadth (advance/decline ratio) improved to 1.2x from the 0.6x recorded previously as 18 stocks gained against the 15 that declined. ETERNA (+9.8%), INTBREW (+9.6%) and REGALINS (+9.1%) were top gainers while ETRANZACT (-9.8%), ROYALEX (-7.4%) and PORTPAINT (-7.0%) led the underperformers. We expect bargain hunting to drive gains in the next trading session.
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