Nigeria stock market daily report: OKOMUOIL and FTNCOCOA share prices soar amidst a sea of red

Sell pressures across multiple counters pushed the Nigerian Stock Exchange All-Share Index (NSE ASI) to its lowest point so far in December. The benchmark index dropped by 1.27% to close Thursday’s trading session at 34,577.26 points.

The Market Capitalization endured the same percentage decline, as Investor’s saw N232.061 billion of their wealth wiped off.

Thirteen stocks endured the maximum losses allowable in a single trading session, while four enjoyed the maximum gains possible. OKOMUOIL share price rose to N88.00, 58.27% up from its price coming into 2020, and 61.47% higher than where it was at the same time last year.

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FTNCOCOA enjoyed maximum gain as well on Thursday to achieve a 100% rise in its share price, Year-To-Date. On November 23, 2020, Investogist reported that FTN Cocoa Processors Plc remained technically insolvent following the release of its reports and financial statements for the year ended 31 December, 2019.

Activity Level

Activity level improved significantly, as the volume of shares traded increased by 95.68% while the value of traded shares increased by 94.10%.

GUARANTY was the most traded stock by volume with 87.016 million shares, followed by ZENITHBANK with 65.042 million and TRANSCORP with 52.478 million.

GUARANTY was also the most traded stock by value with shares worth N2.826 billion being traded, while ZENITHBANK followed with shares worth N1.456 billion being traded, and MTNN was next with 2.607 million shares worth N404.965 million exchanging hands in 222 deals.

Performance of Indices

All the five indices under our watch lost on Thursday;

1. Banking Index lost 4.1% on account of sell-offs in Zenith (-6.2%) and FBNH (-10.0%)
2. Insurance Index lost 3.7% owing to loses by MANSARD (-6.1%) and AIICO (-5.4%)
3. Consumer Goods Index lost 1.1%, attributable to declines in DANSUGAR (-6.9%) and GUINNES (-9.8%)
4. Industrial Goods Index lost 0.7% on the back of loses by WAPCO (-10.0%) and CUTIX (-6.8%).
5. Oil & Gas Index lost 0.7% as sell pressures caused loses in OANDO (-6.4%) and ARDOVA (-1.1%)

Investor Sentiment

Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.2x from the 0.6x recorded in the previous session as 6 stocks gained against the 40 that declined.

The top five gainers by percentage are;

1. OKOMUOIL gained 10.00% to close at N88.00
2. MBENEFIT gained 9.09% to close at N0.24
3. FTNCOCOA gained 8.11% to close at N0.40
4. UNIONDAC gained 7.41% to close at N0.29
5. GLAXOSMITH gained 1.52% to close at N6.70

Top five losers by percentage are;

1. WAPCO lost 10.00% to close at N20.25
2. UPL lost 10.00% to close at N1.26
3. FBNH lost 10.00% to close at N6.30
4. PORTPAINT lost 9.96% to close at N2.35
5. NNFM lost 9.88% to close at N6.20%

Outlook

We expect the market to recover mildly from the loses recorded on Thursday.

By; Nnamdi M.