MTNN, NBL, BUA buoy Nigerian Stock market gain

The gaining streak persisted in today’s trade as the benchmark index advanced 1.9% to close at 33,268.36 points on the back of gains in MTNN (+2.4%), NIGERIAN BREWERIES (+9.5%) and BUACEMENT (+2.4%). Consequently, investors gained ₦324.6bn as market capitalisation rose to ₦17.4tn while YTD return improved to 23.9%. Meanwhile, activity level surged as volume and value traded increased by 48.3% and 17.0% to 858.2m units and ₦9.1bn respectively. The most traded stocks by volume were FBNH (145.1m units), TRANSCORP (126.3m units) and ZENITH (60.8m units) while ZENITH (₦1.5bn), GUARANTY (₦1.2bn) and DANGCEM (₦1.1bn) led by value.

Performance remained positive for all the 6 indices that we track. The Banking and Consumer Goods indices advanced 4.1% and 2.6% respectively to lead the gainers, buoyed by price appreciation in ZENITH (+4.5%), GUARANTY (+2.9%), and NIGERIAN BREWERIES (+9.5%). Similarly, the AFR-ICT and Oil & Gas  indicators advanced 1.4% and 1.3% respectively on account of buying interest in MTNN (+2.4%), OANDO (+9.8%) and ARDOVA (+3.8%). Lastly, the Insurance and Industrial Goods indices strengthened 1.2% and 1.1% respectively as investors positioned in CORNERSTONE (+3.3%), WAPCO  (+3.8%) and BUACEMENT (+2.4%).

Investor sentiment as measured by market breadth (advance/decline ratio) surged to 7.3x from the 3.5x recorded previously as 51 tickers gained against 7 losers. NEIMETH (+10.0%), FIDSON (+10.0%), STERLING (+10.0%) and GUINNESS (+10.0%) were the top gainers while LEARNAFR (-4.8%), CILEASING (-4.7%) and STANBIC (-4.2%) led  the decliners. While there is yet room for profit-taking, we expect the local bourse to close the week on a bullish note.

Corporate Action

Ellah Lakes Plc: the company announced the resignation of Mr. Frank  Ellah  as  a  director  of  the Company with effect from 6 November 2020. 

Cutix Plc: the company notified the public about the upcoming meeting of Directors scheduled for Thursday, November 26,2020 to discuss the Financial Statements for the period ended, October 31, 2020. 

Mutual Benefit Assurance Plc: the company issued a notice of the upcoming Extra-Ordinary General Meeting scheduled for the 3rd of December 2020.

Market Statistics for Wednesday, 11th November 2020