27th March 2020

The Nigerian bourse closed on a positive note as the All Share Index gained 48bps today. The index is down -18.55% YTD. The ASI lost 152bps week-on-week.

GSK (+10.00%) topped the gainers chart today while AFRIPRUD (-10.00%) topped the losers table on the day.           

 

Guaranty led both volume and value chart with 54.27m and N1.01bn respectively.

 

A total of 24 stocks gained points while 7 stocks lost points.

 

Sector Update

 

* The NSE Banking Index gained 313bps on continued buying interests in Sterlnbank (+9.26%), ETI (+5.95%), Zenith (+4.13%), Access (+4.07%), UBA (+3.88%) and Guaranty (+2.50%). Fidelity (-0.55%) was a loser in that space today.

 

* The NSE Consumer Goods Index inched up 7bps on Intbrew (+8.00%) and Honyflour (+7.69%). NB (-4.85%) was a loser in that sector today.

 

* The NSE Oil and Gas Index lost 42bps on Oando (-4.65%).

 

* The NSE Industrial index (+6bps) on CAP (+7.91%).

 

Earnings Update

 

Nil

 

Market Commentary

 

Value traded was up 78% today to $8.7m. Activity was dominated again by few banking and consumer names. We saw crosses in GTB, Nestle and NB – mix of local and foreign participation. Today we saw some foreign buyers alongside locals. Interests continued in banking names though not aggressive as we saw them earlier this week. Going into next week, we expect to see moderate interests continue in quality names.

STOCK PICKS:  UBA, Zenith, Guaranty, Nestle, Unilever and Okomuoil

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