After three consecutive days of declines, the Nigerian equities bucked bearish sentiment observed since the beginning of the week as the All Share Index recorded a 0.6% uptick on Thursday to settle at 36,316.58 points, while YTD gain rose to 35.1%. The upturn in the market was largely due to bargain hunting in DANGCEM (+2.7%) (Ex-DANGCEM, market would have lost 0.3%). An upward movement in prices of ZENITH (+2.3%), FLOURMILLS (+4.9%) and DANSUGAR (+1.6%) also boosted market performance. Accordingly, market capitalization rose to N12.5tn as investors added N73.8bn.
The negative trend in the equities market was extended into the third consecutive trading day as the All Share Index (ASI) fell 2.7% to close on Wednesday at 36,102.38 points, whilst YTD gain further moderated to 34.3%. Accordingly, market capitalization declined by N346.1bn to settle at N12.4tn. The poor performance was majorly attributable to negative sentiment towards DANGCEM (-4.9%) and GUARANTY (-4.7%) in addition to profit taking in NIGERIAN BREWERIES (-2.6%) and ZENITH (-3.3%).
At the close of trade today, the All Share Index recorded a 2.3% decline to settle at 37,096.60 points as profit taking further hits the market. Performance was largely dragged by negative sentiment towards DANGECEM (-4.3%) as well as profit taking in NIGERIAN BREWERIES (-1.6%), STANBIC (-5.0%), GUARANTY (-1.5%) and WAPCO (-4.8%). Consequently, Year-to-date gain pared to 38.0%. Accordingly, investors lost N294.5bn as market capitalization settled at N12.8tn.
Bearish sentiment towards DANGCEM (-2.1%) dragged market performance on the Nigerian Stock Exchange today as the All Share Index (ASI) shed 0.6% to close at 37,950.96 points while market capitalization dipped N85.4bn to close at N13.1tn. Thus, Year-to-date gain trimmed to 41.2%. Other stocks that marginally contributed to a drop in the benchmark index were UBA (-2.8%), ZENITH (-1.1%) and DANGSUGAR (-1.8%). In the same vein, activity waned as volume and value traded fell 10.6% and 33.0% to settle at 316.1m units and N4.2bn respectively.
At the close of trade on Tuesday, the benchmark index sustained a 5-day long positive momentum owing to sustained buying interest in Consumer Goods bellwethers and mid-cap banking stocks. Performance was largely driven by gains in NESTLE (+9.0%), NIGERIAN BREWERIES (+5.0%), STANBIC (+4.0%) and ETI (+3.9%) as the All Share Index advanced 1.3% to close at a 34-month high of 37,999.56 points, driving YTD return to 41.4%. Consequently, investors added N163.4bn as market capitalization settled at N13.1tn.
The equities market sustained last week’s positive close, with the All Share Index rising 0.3% to 37,525.38 points at the end of trade today. Thus, Year-to-date performance was further buoyed to 39.6%. Similarly, investors gained N34.5bn as market capitalization settled at N12.9tn. Today’s positive performance was due to appreciation in Consumer and Industrial Goods large-caps including NIGERIAN BREWERIES (+3.1%), NESTLE (+3.3%) and WAPCO (+1.7%). Activity level however declined as volume and value traded slid 50.6% and 8.0% to 254.5m units and N5.8bn respectively.
The Nigerian equities market closed positive at the end of Thursday’s trading session as the All Share Index (ASI) added 62bps to close at 37,118.63 points, buoying Year-to-date performance to 38.2%. Consequently, market capitalization improved N73.6bn to N12.8tn. GUARANTY (+2.5%), DANGSUGAR (+9.8%) and ZENITH (+1.6%) were the major drivers of today’s performance. Likewise, activity level improved as volume and value traded advanced 62.1% and 23.2% to 407.0m units and N4.7bn respectively.
Oil & Gas Sector Emerges Lone Loser
The Nigerian equities market bucked a 2-day downtrend at the close of trade on Tuesday as the All Share Index (ASI) appreciated 2.5% to close at 36,720.62 points while YTD gain improved to 36.6%. In the same vein, market capitalization increased by N302.1bn to close at N12.7tn. Today’s positive performance was bolstered by rebound in DANGCEM (+7.3%) in addition to gains in some Large and Mid- Cap stocks including NESTLE (+2.1%), STANBIC (+3.0%) and DANGSUGAR (+5.2%).
Global Market Review and Outlook
On the global fronts, oil prices recorded gains as the news of shale explorers easing on drilling, alongside the decision by OPEC at its meeting in Russia on Wednesday to extend output curbs, bolstered expectations of a diminishing oil glut. Consequently, Brent crude appreciated 7.0% from $48.10/b last Friday to $51.46/b (as of writing), thus crossing the $50.00/b mark for the first time in over two months. Market participants however, have treaded cautiously as a rebound in US Shale production remains a strong possibility.