Nigerian Stock market sustains losses… ASI down 1.1%

At the close of trade, the local bourse sustained yesterday’s loss as the All-Share Index (ASI) shed 106bps to close at 23,695.90 points following profit-taking in DANGCEM (-4.3%), BUACEMENT (-0.9%) and MTNN (-0.4%). Consequently, investors lost ₦132.9bn as market capitalisation fell to ₦12.3tn while YTD loss worsened to -11.7%. Activity level waned as volume and value traded declined 24.0% and 5.6% to 155.6m units and ₦1.7bn respectively. The most active stocks by volume were FBNH (27.8m units), UACN (16.6m units) and GUARANTY (15.0m units) while DANGCEM (₦350.3bn), GUARANTY (₦314.7bn) and MTNN (₦265.5bn) led the value chart.  

Performance across sectors was bearish as 5 of 6 indices under our coverage trended southward save the Oil & Gas index which closed flat. The Industrial Goods index led laggards, down 1.8% following profit-taking in DANGCEM (-4.3%) and BUACEMENT (-0.9%). Similarly, the Insurance and Banking indices lost, declining 0.6% and 0.3% respectively due to sell pressures in WAPIC (-6.7%), LASACO (-7.4%), UBA (-1.6%) and ACCESS (-0.8%). Losses in MTNN (-0.4%) and GUINNESS (-1.1%) dragged the AFR-ICT and Consumer Goods indices lower by 0.2% and 2bps respectively.

Investor sentiment as measured by market breadth (advance/decline ratio) fell to 0.9x from the 1.2x recorded in the previous session as 14 stocks gained relative to 15 losers. The top gainers were NEIMETH (+10.0%), NPFMCRFBK (+9.8%) and ETERNA (+9.4%) while CAVERTON (-10.0%), ARBICO (-9.7%) and AFROMEDIA (-8.8%) were top losers. We maintain our expectation of a mixed performance in the near-term.

Corporate Actions

NEM Insurance Plc (Unaudited Q1:2020 Result): Revenue rose 16.4% Y-o-Y to ₦7.9bn from ₦6.8bn in Q1:2019 while profit after tax rose 24.6% to ₦1.1bn from ₦0.8bn in Q1:2019.

Market Statistics for Tuesday, 12th May 2020