Equities Market: On The Path Of Recovery

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Over May-2020, the Nigerian equities market remained on the path of recovery from Mar2020’s low, as the NSE-ASI gained 9.8% m/m to close at 25,267.82 points, while YTD loss reduced to -5.9% (previously -14.2% in Apr-2020). This was as the low yield environment in the fixed income market spurred a risk-on sentiment by domestic investors with idle cash, especially from OMO maturities.

According to sectoral analysis, all the five sector indices that we track closed the month in the green territory. Specifically, the Industrial Goods (+19.0%) index gained the most, followed by Consumer Goods (+14.5% m/m), Banking (+12.0% m/m), Oil & Gas (+9.2% m/m) and Insurance (+8.1% m/m) indices. Elsewhere, there was an influx of Q1-2020
earnings report during the month. Notably, DANGCEM recorded a 3.8% y/y increase in Revenue to N249.2.bn in the first quarter of the year. Also, BUACEMENT released its FY-2019 audited result with a spike of 47.5% in Revenue to N175.5bn.

This month, we expect the low yield environment in the fixed income space to continue to spur local interest for equities, especially in stocks with the prospect of paying interim dividends. In all, we advise investors to continue to a position in value and growth stocks, that can deliver profitable returns on their portfolios.

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United Capital Research

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