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Nigeria Daily Market Report |The Bulls Maintain Dominance... ASI up 0.1%
(Source: Afrinvest Research , Date: 26-Nov-2020)

Dear Afrinvestor, 

Market Statistics for Thursday, 26th November 2020 

Market Cap (N'bn)

18,184.66

Market Cap (US$'bn)

47.1

NSE All-Share Index

34,803.00

Daily Performance %

0.1

WTD Performance %

2.0

MTD Performance %

14.0

QTD Performance %

29.7

YTD Performance % 

29.7

Daily Volume (Million)

257.6

Daily Value (N'bn)

3.5

Daily Value (US$'m)

9.1


The Bulls Maintain Dominance... ASI up 0.1%
At the close of trade, price appreciation in GUARANTY (+2.6%), INTBREW (+9.6%) and MOBIL (+9.9%) drove the benchmark index higher by 10bps to 34,803.00 points. Consequently, investors gained ₦17.8bn as market capitalisation rose to ₦18.2tn while YTD return improved to 29.6%. Activity level declined as volume and value traded fell by 40.8% and 48.9% to 257.6m units and ₦3.5bn respectively. The most traded stocks by volume were ZENITH (40.6m units), TRANSCORP (23.2m units) and ACCESS (20.9m units) while ZENITH (₦999.3m), MTNN (₦686.1m) and GUARANTY (₦242.0m) led by value.

Bullish Sector Performance 
Performance across sectors was bullish as 4 of the 6 indices under our coverage closed northward while the Industrial Goods and AFR-ICT indices closed flat. The Oil & Gas index led gainers, up 2.8% due to bargain hunting in MOBIL (+9.9%) and OANDO (+9.2%). Similarly, the Insurance and Consumer Goods indices rose 1.0% and 0.6% respectively owing to buying interest in WAPIC (+7.3%), AIICO (+5.3%), INTBREW (+9.6%) and GUINNESS (+7.2%). Finally, price appreciation in GUARANTY (+2.6%) marginally drove the Banking index higher by 2bps.

Investor Sentiment Weakens
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 1.0x from the 3.4x recorded previously as 21 stocks gained against the 21 that declined. UPDCREIT (+10.0%), NCR (+10.0%) and MOBIL (+9.9%) led the top gainers while ROYALEX (-7.7%), UNIONDAC (-7.4%) and AFRIPRUD (-5.8%) led  the decliners. Following three consecutive days of positive performance, we envisage investors will take profit in the next trading session. However, we expect the equities market to close in the green for the week.

 

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Best Regards,

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