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Nigeria Daily Market Report |Local Bourse Extends Losses... ASI down 4bps
(Source: Afrinvest Research , Date: 09-Dec-2020)

Dear Afrinvestor, 

Market Statistics for Wednesday, 9th December 2020 

Market Cap (N'bn)

18,304.2

Market Cap (US$'bn)

47.4

NSE All-Share Index

35,021.26

Daily Performance %

(0.0)

WTD Performance %

(0.3)

MTD Performance %

(0.1)

QTD Performance %

30.5

YTD Performance % 

30.5

Daily Volume (Million)

283.1

Daily Value (N'bn)

3.4

Daily Value (US$'m)

8.9


Local Bourse Extends Losses... ASI down 4bps
At the close of trade, the domestic equities market fell marginally by 4bps to close at 35,029.82 points due to sell-offs in FBNH (-0.7%), UBA (-0.6%) and ARDOVA (-8.7%). Consequently, investors lost ₦6.5bn as market capitalisation declined to ₦18.3tn while YTD return moderated to 30.5%. Activity level was mixed as volume traded fell 8.0% to 283.1m units while value traded rose 4.5% to ₦3.4bn. The most traded stocks by volume were FBNH (40.8m units), GUARANTY (32.7m units) and AIICO (30.1m units) while GUARANTY (₦1.1bn), ZENITH (₦698.1m) and DANGCEM (₦308.7m) led by value.

Weak Sector Performance 
Performance across sectors was weak as 4 of the 6 indices under our coverage declined while the Industrial Goods and AFR-ICT indices closed flat. The Insurance index led laggards, down 1.0% due to sell-offs in CORNERSTONE (-3.3%), MANSARD (-0.9%) and AIICO (-0.9%). Similarly, the Oil & Gas and Banking indices declined 0.4% and 0.1% respectively following price depreciation in ARDOVA (-8.7%), FBNH (-0.7%) and UBA (-0.6%). Likewise, losses in CHAMPION (-8.2%) dragged the Consumer Goods index 3bps lower.

Investor Sentiment Weakens
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.6x from the 0.8x recorded in the previous session as 13 stocks gained against the 21 that declined. FTNCOCOA (+8.8%), UNIONDAC (+8.0%) and CHAMS (+4.8%) led the gainers while ROYALEX (-8.7%), ARDOVA (-8.7%) and MBENEFIT (-8.3%) led  the decliners. We expect profit-taking in the next trading session as investor sentiment remains weak.
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