Markets

Equities Market Sustains Gains

The equities market sustained gains on Thursday as the All Share Index (ASI) grew 1.0% to 42,604.40 points while YTD return improved to 11.4%. Consequently, market capitalisation increased by N155.2bn to N15.3tn. Thursday’s performance was mainly driven by price appreciation in FBNH (+8.2%), GUARANTY (+2.0%) and DANGCEM (+0.6%). Similarly, activity level improved as volume and value traded inched 18.1% and 33.0% higher to 615.1m units and N6.3bn respectively.

Bullish Sector Performance

Stock Market Rebounds after 7-day Bearish Run

The local bourse halted a 7-day bearish run on Wednesday as the All Share Index (ASI) rose 1.1% to close at 42,171.80 points while YTD gain improved to 10.3%. Accordingly, investors gained N166.4bn in value as market capitalization increased to N15.1tn. Wednesday’s positive performance can be largely attributed to buying interest in Banking and Consumer counters with ZENITH (+5.0%), UBA (+6.3%) and NESTLE (+1.9%) weighing the most on performance. Also, activity level improved as volume and value traded advanced 10.7% and 28.1% to 520.7m units and N4.7bn respectively.

Bears Extend Hold at the Stock Market

The local bourse remained in the red on Tuesday, extending the bearish run into the seventh consecutive trading session with the All Share Index (ASI) falling 2.4% to settle at 41,708.15 points while YTD return contracted to 9.1%. As a result, market capitalization decreased by N369.5bn to N14.9tn. Sustained sell-offs across board was experienced today, with DANGCEM (-4.9%), NIGERIAN BREWERIES (-3.9%) and NESTLE (-2.9%) being the major drags on performance. Similarly, activity level weakened as volume and value traded fell 9.1% and 29.0% to 470.5m units and N3.7bn respectively.

Equities Market Maintains Negative Momentum

In line with expectation, the bearish run of the equities market from the start of the week persisted as the All Share Index (ASI) declined by 49bps to close on Thursday at 43,326.89 points while YTD return contracted to 13.3%. Consequently, investors lost N75.8bn as market capitalization fell to N15.5tn. Today’s drag was largely on account of sustained sell-offs across board with NESTLE (-5.0%), NIGERIAN BREWERIES (-3.2%) and FBNH (-1.6%) weighing the most on performance.

MTN to Launch IPO at the Exchange this year

MTN Nigeria discussed plans to list on the Lagos stock exchange at a board meeting on Wednesday and aims to launch the IPO this year, a company source told Reuters.

Africa’s biggest mobile phone operator had planned to list its Nigerian unit in 2017, as part of an agreement with the Nigerian government, but delayed the IPO due to market conditions.

The telecoms firm has now revived those plans and is considering hiring a public relations firm to manage communications ahead of the listing in Nigeria in addition to its South African advisers, the source said.

Profit Taking Drags the Local Bourse Southwards

The equities market closed southwards for the third consecutive trading day as the All Share Index  (ASI) shed 77bps to settle at 43,538.16 points on Wednesday while YTD return further moderated to 13.8%. Consequently, market capitalization fell by N121.5bn to settle at N15.6tn. Today’s negative close can be largely attributed to sell pressure across board with market bellwethers – DANGCEM (-2.2%), NIGERIAN BREWERIES (-2.0%) and STANBIC (-3.5%) weighing the most on performance.

Bears Pounce on the Capital Market

In line with the equities market correction currently being experienced across the developed markets, the Nigerian All Share index (ASI) extended losses into the second consecutive trading session, down 0.9% to close on Tuesday at 43,877.30 points while YTD return further moderated to 14.7%. Accordingly, investors lost N138.2bn as market capitalization reduced to N15.7tn. Today’s negative performance is largely on account of broad based sell-offs across sectors, although banking stocks – ZENITH (-4.4%) FBNH (-5.2%), UBA (-2.4%) and GUARANTY (-0.7%) were the main drags on performance.

Market Opens Week Bearish

The equities market opened the week on a bearish note as the All Share Index (ASI) shed 45bps to close at 44,261.72 points while YTD return moderated to 15.7%. Accordingly, market capitalization fell by N71.2bn to settle at N15.8tn. Monday’s negative performance was largely due to losses in DANGCEM (-2.9%), UBA (-3.1%) and FBNH (-1.8%). On a similar note, activity level softened as volume and value traded fell 32.3% and 19.6% to 426.8m units and N2.8bn respectively.
 
Mixed Sector Performance

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