Profit Taking Drags Benchmark Index

The equities market closed negative today as profit taking dragged the benchmark index 34bps lower to 44,343.65 points while YTD return contracted to 16.0%. As a result, market capitalization decreased by N53.8bn to settle at N15.9tn. The negative performance was driven by price depreciation in NIGERIAN BREWERIES (-2.0%), INTBREW (-4.9%) and UBN (-3.7%). However, activity level was mixed as volume traded declined 25.7% to 651.9m units while value traded advanced 4.5% to N7.8bn.

Mixed Sector Performance

Local Bourse Maintains Positive Close

The local bourse maintained a positive close on Tuesday as the All Share Index (ASI) rose 42bps to 44,493.79 points while YTD return expanded to 16.3%. Accordingly, investors gained N67.1bn in value as market capitalization settled at N15.9tn. Performance was largely driven by buying interest in DANGCEM (+0.8%), STANBIC (+2.2%) and ETI (+9.3%). Similarly, activity level improved as volume and value traded inched 53.0% and 26.4% to 877.0m units and N7.4bn respectively.

Mixed Sector Performance

Equities Market Opens on a Positive Note

Photo L-R: Bola Adeeko, Head, Shared Services Division, The Nigerian Stock Exchange (NSE); Oscar Onyema, Chief Executive Officer, NSE; Patrick Ezeagwu, Chairman, Association of Stockbroking Houses of Nigeria (ASHON) and Sam Onukwue, Vice Chairman, ASHON during the signing of Memorandum of Understanding (MoU) between NSE and ASHON on Lagos Commodity Exchange at the Exchange on Monday in Lagos.

Stock Market Remains Bearish

Following three days of negative performance, the local bourse yet again extended losses to the 4th consecutive session as the All Share Index fell 99bps on Thursday to close at 43,529.06 points while YTD return moderated to 13.8%. Consequently, investors lost N155.7bn as market capitalisation fell to N15.6tn. Sell pressures across board especially in banking stocks - GUARANTY (-2.0%), STANBIC (-5.0%) and DIAMOND (-9.3%) continued to weigh on performance.

Market Extends Losses to Third Consecutive Session

Losses in the equities market were extended into the third consecutive trading session as the All Share Index fell 96bps to close on Wednesday at 43,963.40 points while YTD return further moderated to 15.0%. Accordingly, market capitalisation fell to N15.8tn as investors lost N143.0bn. Although sell pressure was recorded across board, sustained profit taking in banking stocks - GUARANTY (-2.1%), ZENITH (-3.1%) and FBNH (-4.0%) - was the major drag to today’s negative close.

Broad-Based Sell-Offs Drag Market Performance

The equities market extended losses from the previous trading session as the All Share Index (ASI) shed 1.2% to settle at 44,389.85 points while YTD return contracted to 16.1%. Similarly, market capitalization fell to N15.9tn as investors lost N187.3bn. Profit taking in market bellwethers - DANGCEM (-1.5%), GUARANTY (-2.8%), FBNH (-5.3%) and ZENITH (-2.3%) - as well as mid and small cap stocks dragged performance. Also, activity level declined as volume and value traded fell 83.4% and 51.8% to 737.9m units and N7.7bn respectively.

Mixed Sector Performance

Mixed Performance as Market Opens Week Bearish

The local bourse reversed the positive performance from Friday as the All Share Index (ASI) closed 40bps lower on Monday to settle at 44,912.53 points while YTD return moderated to 17.4%. Accordingly, investors lost N64.6bn as market capitalisation closed at N16.1tn. The negative performance could be attributed to sell offs across board with GUARANTY (-2.2%), NESTLE (-2.0%) and UNILEVER (-5.9%) being the main drags. However, activity level strengthened as volume and value traded surged 231.2% and 84.6% to 4.4m units and N15.9bn respectively.

Stock Market Pares Gains

Photo L-R: Tony Ibeziako, Ag. Head, Listings Business Division, The Nigerian Stock Exchange (NSE); Bola Adeeko, Head, Shared Services Division, NSE; Oscar Onyema, Chief Executive Officer, NSE; Tinuade Awe, Executive Director, Regulation, NSE and Ade Ewuosho, Ag. Head, Trading Business Division, NSE during the presentation of 2017 Market Recap & Outlook for 2018 at the Exchange.

Analyst Predicts Stock Price Volatility

A capital market analyst, Mr Ambrose Omordion, on Monday predicted that the Nigerian Stock Exchange (NSE) would likely experience price volatility this week due to profit taking.

Omordion, the Chief Operating Officer, InvestData Ltd, expressed this view in an interview with the News Agency of Nigeria in Lagos.

According to him, the market is likely to witness panic selling and re-positioning ahead of the earnings reporting season.