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Nigeria Daily Market Report |Positive SentimentBuoys Local Bourse... ASI Up 1.6%
(Source: Afrinvest Research , Date: 28-Oct-2020)

Dear Afrinvestor, 

Market Statistics for Wednesday, 28th October 2020 

Market Cap (N'bn)

15,386.6

Market Cap (US$'bn)

39.9

NSE All-Share Index

29,437.60

Daily Performance %

1.6

WTD Performance %

2.6

MTD Performance %

9.7

QTD Performance %

9.7

YTD Performance % 

9.7

Daily Volume (Million)

375.2

Daily Value (N'bn)

4.6

Daily Value (US$'m)

12.0


Positive Sentiment Buoys Local Bourse... ASI Up 1.6%
The domestic equities market closed in the green on the back of positive sentiment surrounding the earnings results. Consequently, the NSE All-Share Index (ASI) rose 158bps to 29,437.60 points due to gains in NESTLE (+10.0%), DANGCEM (+2.2%) and ETI (+7.6%). Similarly, investors gained ₦239.0bn as market capitalisation increased to ₦15.4tn and YTD return improved to 9.7%. Activity level was mixed as volume traded fell 2.7% to 375.2m units while value traded rose 59.0% to ₦4.6bn. The most traded stocks by volume were ZENITH (46.7m units), FIDELITY (33.5m units) and ETI (27.5m units) while BUACEMENT (₦1.0bn), ZENITH (₦1.0bn) and GUARANTY (₦394.1m) led by value.

Bullish Sector Performance 
Performance across sectors was bullish as 5 of the 6 indices under our coverage recorded gains save the AFR-ICT index which closed flat. The Consumer Goods and Oil & Gas indices advanced 5.7% and 2.1% respectively due to buying interest in NESTLE (+10.0%), FLOURMILL (+6.4%), OANDO (+9.8%) and TOTAL (+6.0%). Similarly, the Insurance and Banking indices rose 1.5% and 1.2% respectively following gains in CUSTODIAN (+10.0%), NEM (+9.9%), ETI (+7.6%) and FBNH (+3.3%). Lastly, price appreciation in DANGCEM (+2.2%) drove the Industrial Goods index higher by 1.1%.

Investor Sentiment Weakens
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 8.2x from the 23.0x recorded previously as 41 stocks gained against the 5 that declined. NESTLE (+10.0%), CUSTODIAN (+10.0%) and NEM (+9.9%) were top gainers while ROYALEX (-8.0%), CUTIX (-6.8%) and HONYFLOUR (-1.0%) led laggards. We maintain our postiion that the performance of the domestic equities market would be dictated by the earnings result.

Corporate Actions
MTN NIGERIA Plc. (Unaudited 9M:2020 Result): Revenue rose 13.9% y/y to ₦975.8bn from ₦856.5bn in Q3:2019 while profit after tax declined 3.3% to ₦144.2bn from ₦149.2bn in Q3:2019.

CUSTODIAN Plc. (Unaudited 9M:2020 Result): Gross revenue advanced 24.2% y/y to ₦57.5bn from ₦46.3bn in Q3:2019 while profit after tax rose 10.5% to ₦6.0bn from ₦5.5bn in Q3:2019.

TOTAL Plc. (Unaudited 9M:2020 Result): Revenue fell 31.6% y/y to ₦151.7bn from ₦221.8bn in Q3:2019 while the company posted a profit after tax of ₦500.1m from a loss of ₦204.8m in Q3:2019. 

 

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Best Regards,

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