Performance of the Nigerian Equities market was dragged by profit taking as the All Share Index (ASI) slid 34bps to 36,652.82 points while the YTD gain moderated to 36.4%. Likewise, market capitalization trimmed N42.6bn to N12.6tn. Losses in NIGERIAN BREWERIES (-2.9%), UBA (-1.7%) and STANBIC (-2.3%) were the major drags to today’s performance. Similarly, activity level worsened as volume and value traded shrank 4.7% and 43.6% to 336.4m units and N1.8bn respectively.
Insurance Index Leads Gainers
Sector performance was mixed as 3 of 5 indices closed higher. The Insurance index (+2.4%) led gainers on the back of renewed interest in MANSARD (+10.0%) and LINKASSURE (+6.7%) while the Oil & Gas index followed suit, advancing 0.6% on account of price appreciation in SEPLAT (+1.6%). Similarly, the Industrial Goods index added 0.2% following gains in CCNN (+9.2%). In contrast, price depreciation in NIGERIAN BREWERIES (-2.9%) dragged the Consumer Goods index 1.1% lower while the Banking index lost 0.2% on the back of losses in UBA (-1.7%) and STANBIC (-2.3%).
Market Breadth Unchanged
Investor sentiment stayed positive today as market breadth remained unchanged from 1.1x recorded yesterday, as 19 stocks advanced against 18 decliners. The best performing stocks were MANSARD (+10.0%), CCNN (+9.2%) and LINKASSURE (+6.7%) while VITAFOAM (-5.0%), LAWUNION (-4.7%) and UPL (-4.7%) were the worst performing stocks. As indicated by the market breadth, we expect sentiment to stay strong in the interim as investors take position ahead of the release of 9M:2017 corporate earnings which are expected to be largely positive.