Trading in the domestic equities market closed south as price depreciation in BUACEMENT (-3.9%), UACN (-9.1%) and ZENITH (-1.2%) dragged the All-Share Index by 47bps to close at 25,215.04 points. As a result, market capitalisation fell ₦62.6bn to settle at ₦13.2tn while YTD loss worsened to -6.1%. Activity level was mixed as volume traded decreased 0.8% to 266.6m units while value traded spiked 183.9% to ₦3.2bn. The most active stocks by volume were GUARANTY (69.4m units), MBENEFIT (51.8m units) and FBNH (31.2m units) while GUARANTY (₦1.7bn), ZENITH (₦274.5m) and DANGCEM (₦235.5m) led the value chart.
Sector performance was bearish as 3 of 6 indices under our coverage declined. The Industrial and Consumer Goods indices led the laggards, shedding 2.5% and 0.3% respectively due to profit-taking in BUACEMENT (-3.9%) and DANGSUGAR (-1.0%). The Banking index trailed, losing 0.1% following price declines in ZENITH (-1.8%) and STANBIC (-0.6%). Conversely, the Insurance and Oil & Gas indices appreciated 1.4% and 0.2% respectively, due to gains in CORNERSTONE (+8.0%), CHIPLC (+6.5%) and OANDO (+1.8%). Lastly, the AFR-ICT index closed flat.
Investor sentiment as measured by market breadth (advance/decline ratio) expanded to 1.0x from the 0.6x recorded in the previous session as 19 stocks advanced against 19 decliners. The best performing stocks were PRESTIGE (+10.0%), BERGER (+10.0%) and NEIMETH (+9.9%) while CILEASING (-10.0%), UACN (-9.1%) and JAPAULOIL (-8.0%) lost the most. We expect profit-taking activities to drag the performance of the equities market for the rest of the week.
Corporate Actions
MTN Nigeria Communications Plc announced the successful issuance of the ₦100 billion Series I & II Notes under the debut ₦100 billion commercial paper (CP) programme. The series 180-day and 270-day notes were priced at an effective yield of 4.90% and 5.95% sized at ₦20.0bn and ₦80.0bn respectively.
UACN Plc announced a full-year dividend of 10kobo per ordinary share, subject to appropriate withholding tax.
Market Statistics for Tuesday, 10th June 2020
Market Cap (N’bn) 13,153.7
Market Cap (US$’bn) 36.5
NSE All-Share Index 25,215.04
Daily Performance % (0.5)
WTD Performance % 0.8
MTD Performance % (0.2)
QTD Performance % 18.4
YTD Performance % (6.1)
Daily Volume (Million) 266.6
Daily Value (N’bn) 3.2
Daily Value (US$’m) 8.8
News Culled from Business News Report
