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Nigeria Daily Market Report | Local Bourse Opens the Week Positive... ASI up 0.5%
(Source: Afrinvest Research , Date: 30-Nov-2020)

Dear Afrinvestor, 

Market Statistics for Monday, 30th November 2020 

Market Cap (N'bn)

18,309.6

Market Cap (US$'bn)

47.4

NSE All-Share Index

35,042.14

Daily Performance %

0.4

WTD Performance %

0.4

MTD Performance %

14.8

QTD Performance %

30.6

YTD Performance % 

30.5

Daily Volume (Million)

415.5

Daily Value (N'bn)

4.9

Daily Value (US$'m)

12.7


Local Bourse Opens the Week Positive... ASI up 0.5%
Today, price appreciation in AIRTELAF (+10.0%), MTNN (+0.1%) and UBN (+1.8%) drove the benchmark index higher by 45bps to 35,042.14 points. Consequently, investors gained ₦81.8bn as market capitalisation rose to ₦18.3tn while YTD return improved to 30.5%. Activity level improved as volume and value traded surged 118.4% and 47.1% to 415.5m units and ₦4.9bn respectively. The most traded stocks by volume were MULTIVERSE (84.0m units), ZENITH (47.0m units) and TRANSCORP (34.1m units) while ZENITH (₦1.1bn), AIRTELAF (₦596.1m) and MTNN (₦497.6m) led by value.

Mixed Sector Performance 
Performance across sectors was mixed as 3 of the 6 indices under our coverage closed northward. The AFR-ICT index led gainers, up 5.1% due to bargain hunting in AIRTELAF (+10.0%) and MTNN (+0.1%). Similarly, the Oil & Gas and Insurance indices rose 1.6% and 1bps respectively owing to buying interest in OANDO (+0.7%), JAPAULOIL (+6.3%) and AIICO (+10.0%). Conversely, price depreciation in GUARANTY (-5.1%), BUACEMENT (-1.8%) and UNILEVER (-5.8%) drove the Banking, Industrial and Consumer Goods indices lower by 2.5%, 0.7% and 0.4% respectively.

Investor Sentiment Weakens
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.6x from the 1.1x recorded previously as 17 stocks gained against the 29 that declined. AIRTELAF (+10.0%), AIICO (+10.0%) and TRIPPLEG (+9.1%) led the top gainers while NNFM (-10.0%), CUTIX (-10.0%) and FIDSON (-9.9%) led  the decliners. We expect the equities market to remain upbeat in the short term.
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