Nigerian Stock Market opens week negative… ASI Dips 1.3%

Losses in banking stocks – GUARANTY (-3.8%), ZENITH (-3.8%) and ACCESS (-6.4%) – dragged the All-Share Index down 127bps to 27,041.03 points. Consequently, YTD return plunged to 0.7% while market capitalisation declined ₦181.1bn to ₦14.1tn. Activity level advanced as volume and value traded rose 1.8% and 31.4% to 429.0m units and ₦7.3bn respectively. The most active stocks by volume were GUARANTY (117.1m units), FBNH (60.1m units) and ZENITH (56.2m units) while GUARANTY (₦4.8bn), ZENITH (₦1.1bn) and FBNH (₦329.5m) led by value.

All sectors under our coverage closed negative save the AFR-ICT index which closed flat. The Banking index (-4.8%) lost the most, owing to price declines in GUARANTY (-3.8%), ZENITH (-3.8%) and ACCESS (-6.4%). Trailing, the Industrial and Consumer Goods indices dipped 0.9% and 0.7% respectively following sell-offs in BUACEMENT (-1.5%), NIGERIAN BREWERIES (-3.0%) and CADBURY (-9.9%).  Profit taking in AIICO (-5.0%) and WAPIC (-5.9%) pulled the Insurance index (-0.5%) down while losses in OANDO (-6.6%) dragged the Oil & Gas index (-0.5%) southward. 

Investor sentiment as measured by market breadth (advance/decline ratio) declined to 0.2x from the 0.7x recorded in the previous trading session as 5 stocks advanced relative to 32 decliners. The top gainers were LAWUNION (+9.6%), LINKASSURE (+4.7%) and MAYBAKER (+2.7%) while GLAXOSMITH (-10.0%), NCR (-10.0%) and BOCGAS (-10.0%) led the laggards. We anticipate a mixed performance in subsequent trading sessions as investors are expected to position for dividends on one hand and profit taking on the other. 

Corporate Action

The name of Forte Oil Plc was today changed to Ardova Plc on the NSE in compliance with the resolution passed by the company’s shareholders at the Extraordinary General Meeting held on 17 December 2019. The trading symbol is now ARDOVA.

Market Statistics for Monday, 24th February 2020 

Source: Afrinvest