The market finished the week firmly in the green zone with significant gains across all sectors. WoW the market gained 659bps, completely erasing the YtD losses, at current levels, the market is now printing a YtD gain of 91bps. The key driver of market performance was buying mainly by local HNI and institutional investors on the heels of the MPC’s decision to introduce a flexible interbank FX market. This guided to a semi float/devaluation of the Naira. On the back of these, local investors placed bets that this move would draw foreign investors back into the market. However, foreign investors mostly stayed on the sidelines, as they await the release of the modalities for the new FX market. We note that the Bull Run lost steam on Friday, as the market faced significant selling pressure on the back of profit taking.
The All-Share Index ended at 28,902.25pts, its highest level since Dec 2015. Leading the way with the most gains were the Consumers (+858bps) and Banks (+817bps). The Industrials, Insurers and Oils also saw gains of 778bps, 346bps and 231bps respectively. We note that the Banks are now in the greens YtD (+1261bps), with names like ACCESS touching a 52 week high.
The market saw a turnover of N14.789bn, 12% higher than the N13.145bn that traded in the previous week, the bulk of which came in Post-MPC meeting. Pre-MPC, the market averaged a turnover of N1.72bn and N3.78bn Post-MPC. The most active names were FBNH, UBA & TRANSCORP which saw some block trades, While the most money went into the shares of GUARANTY, ZENITH & FBNH.
Market Snapshot
| All-Share Index: | 28,902.25pts |
| Market Cap (NGN): | N9.93tn |
| Market Cap (USD): | $50.39bn |
| Total Volumes Traded: | 2.33bn |
| Total Value Traded (NGN): | N14.79bn |
| Daily Average Value Traded – WtD: | N2.96bn |
| Daily Average Value Traded – YtD: | N2.24bn |
| Advance/Decline Ratio: | 56/20 |
Sector Performance:
Market Screeners:
- Top Risers:
DNMEYER (+28.77%; N0.94); OANDO (+25.00%; N7.50) & NAHCO (+23.62%; N5.39)
- Top Decliners:
LEARNAFRCA (-10.59%; N0.76); UNIONDICON (-9.87%; N11.87) & UPL (-9.61%; N4.42)
- Top by Volumes Traded:
FBNH (355.86mn); UBA (232.03mn) & TRANSCORP (222.50mn)
- Top by Value Traded:
GUARANTY (N3.09bn); ZENITHBANK (N2.25bn) & FBNH (N1.47bn)
- New 52-Week High:
ACCESS (N6.50); PRESCO (N36.50); ETRANZACT (N5.01); TRANSEXPR (N1.52); UCAP (N 2. 62); SEPLAT (N367.50); ETEERNA (N3.41) & DNMEYER (N0.94)
- New 52-Week Low:
UPL (N4.42); PHARDEKO (N1.86); 7UP (N138.50) & IKEJAHOTEL (N1.92)
