Investors Gain N176bn As Equities Market Rebounds
The stock market recorded a positive performance as gains in Dangote Cement (+10.0percent) and MTNN (+7.4percent) drove the benchmark index up 140bps to settle at 24,512.27 points.
Consequently, investors gained N176.7bn as market capitalisation advanced to N12.8tn while year to date loss moderated to -8.5percent.
Activity level waned as average volume and value traded declined by 38.3percent and 43.6percent to 164.3m units and N2.1bn respectively.
The top traded stocks by volume were FBNH (42.7m units), Custodian (20.7m units) and Zenith (17.9m units) while Dangote Cement (N430.5m), MTNN (N374.9m) and Zenith (N278.9m) led by value.
Performance across sectors was mixed as 3 of 6 indices under our coverage gained while 3 lost.
Investor sentiment as measured by market breadth remained unchanged at 1.0x as 11 stocks advanced against the 11 decliners.
The top gainers were Dangote Cement (+10.0percent), Jaiz Bank (+7.4percent) and Custodian (+3.1percent) while NEIMETH (-6.7percent), MBENEFIT (-4.8percent) and BUA Cement (-3.5percent) lost the most.
On corporate reports, Cadbury Plc submitted its unaudited Q2:2020 Result which showed a revenue fell 18.2percent y/y to N15.9bn from N19.5bn in Q2:2019 while profit after tax fell 19.9percent to N0.5m from N0.7m in Q2:2019.