Nigerian Equities market reverses 2-day Bearish streak as investors gained N489.9bn 


The domestic equities market halted its 2-day bearish run in today’s session as the All Share Index rose by 3.7% to 31,307.00 points, on the back of price appreciation in DANGCEM (+5.0%), ZENITH (+9.1%) and GUARANTY (+5.4%). As a result, investors gained N489.9bn in value as market capitalisation increased to N13.8tn from N13.3tn. Activity level strengthened as volume and value traded surged by 137.1% and 321.6% to 344.3m units and N7.3bn respectively. The top traded stocks by volume were GUARANTY (67.1m units), ZENITH (52.1m units) and FBNH (44.7m units) while GUARANTY (N2.1bn), DANGCEM (N1.3bn) and ZENITH (N1.0bn) led the value chart. 

Performance across sectors was equally bullish as all the indices under our coverage closed in the green. The Banking index led gainers, up 6.8% due to bargain hunting in GUARANTY (+5.4%) and ZENITH (+9.1%). The Oil & Gas index followed closely, rising 4.0% following price appreciation in SEPLAT (+5.8%) and OANDO (+8.1%). Similarly, the Industrial and Consumer Goods indices rose 3.2% and 2.2% respectively on the back of gains in DANGCEM (+5.0%) and NESTLE (+3.6%). In the same vein, buying interest in MTNN (+2.0%) and WAPIC (+5.1%) buoyed the AFR-ICT and Insurance indices higher by 2.0% and 0.4% respectively.

Investor sentiment measured by market breadth (advance/decline ratio) strengthened to 6.0x from 0.7x recorded in the preceding trading session as 30 stocks advanced against 6 stocks that closed in the red. The top gainers were ETI (+10.0%), UBA (+9.6%) and COURTVILLE (+9.5%) while ETERNA (-8.7%), PZ (-4.7%) and NAHCO (-3.6%) led decliners. While we anticipate investors to take position in fundamentally sound stocks at cheap prices, we expect market sentiment to weaken in subsequent trading sessions.

Market Statistics Tuesday, 28th May 2019 

Market Cap (N’bn)                                   13,789.3

Market Cap (US$’bn)                                     45.0

NSE All-Share Index                                 31,307.00

Daily Performance %                                        3.7

1 Week Performance %                                     3.6

YTD Performance %                                       (0.4)

Daily Volume (Million)                                  344.3

Daily Value (N’bn)                                          7.3

Daily Value (US$’m)                                      23.7