Markets

Stock Market Extends Gains

The All Share Index sustained its positive performance today, rising 1.4% to close at 36,112.37 points while YTD return improved to 34.4%. Accordingly, market capitalisation rose N174.8bn to N12.4tn. The major drivers of today’s performance were DANGCEM (+4.7%), GUINNESS (+10.2%), NIGERIAN BREWERIES (+0.8%) and STANBIC (+2.3%). On the other hand, market activity declined as volume and value traded fell 21.0% and 23.1% to settle at 222.7m units and N4.2bn respectively.

DANGCEM Drives Industrial Goods Index Higher

Local Bourse Sustains Bearish Trend

The National Bureau of Statistics (NBS) released its Q2:2017 GDP report today, which showed the economy grew by 0.55% Y-o-Y, much in line with our expectation of a 0.6% expansion. The growth was largely driven by improvement in the oil sector and non-oil sector which grew by 1.6% and 0.5% Y-o-Y respectively in Q2:2017. Despite this positive development, the Nigerian equities market recorded a decline for the 5th consecutive trading session as the All Share Index contracted 0.3% to close at 35,403.92 points, while YTD return tapered to 31.7%.

Benchmark Index Sustains Bearish Momentum

The benchmark index maintained its negative momentum at the end of Thursday’s session, shedding 35bps to close at 35,504.62 points while YTD gain retreated to 32.1%. Sustained profit-taking in NIGERIAN BREWERIES (-2.2%), STANBIC (-4.3%), GUARANTY (-0.3%) and UBA (-3.7%) dragged market performance. Accordingly, market capitalization decreased N42.9bn to close at N12.2tn. However, activity level improved as volume and value traded rose 11.1% and 37.7% to 266.5m units and N4.0bn respectively.

Mixed Sector Performance

Equities Extend Losses to Third Consecutive Session

At the close of trade today, the equities market extended losses to the third consecutive session as the benchmark index fell 1.5% to close at 35,629.13 points while YTD gain retreated to 32.6%. Consequently, investors lost N185.0bn as market capitalization settled at N12.3tn. Performance was dragged by losses in large cap stocks such as DANGCEM (-3.8%), GUARANTY (-0.5%), ACCESS (-3.9%) and DANGSUGAR (-4.9%). However, activity level improved as volume and value traded surged 66.1% and 93.8% to 239.9m units and N2.9bn respectively.

Bearish Sentiment Persists as Index Extends Losses

The equities market extended losses today as the All Share Index (ASI) dipped 0.4% to close at 36,165.93 points whilst YTD return pared to 34.6%. Consequently, investors lost N52.2bn as market capitalization settled at N12.5tn. Today’s performance was broadly dragged by price depreciation in DANGCEM (-1.1%), NIGERIAN BREWERIES (-1.0%), MOBIL (-5.0%) and OKOMUOIL (-5.0%). Also, market activity waned as volume and value traded slid 58.5% and 49.2% to settle at 144.5m units and N1.5bn respectively.

Banking Index Emerges Lone Gainer

Stock Market Capitalisation Rebounds

The Nigerian bourse rebounded from Monday’s negative close, advancing 1.0% to settle at 36,962.48 points on Tuesday while improving YTD gain to 37.5%. Consequently, market capitalization added N130.3bn to settle at N12.7tn. Today’s positive performance was on account of gains in DANGCEM (+4.3%). Ex-DANGCEM, the benchmark index would have declined 0.3%. However, activity level waned as both volume and value traded fell 33.7% and 41.4% to 244.3m units and N3.7bn respectively.
 
Mixed Sector Performance

Benchmark Index dips at the Exchange

At the close of trade on Monday, the benchmark index dipped 91bps to settle at 36,584.44 points whilst YTD gain moderated to 36.1%. As a result, market capitalisation contracted N115.9bn to settle at N12.6tn. Today’s negative close was largely attributed to losses in DANGECEM (-4.2%) which more than offset gains in GUARANTY (+3.0%) NIGERIAN BREWERIES (+1.4%) and ETI (+2.3%). Ex-DANGCEM, market would have gained 0.5%. However, activity level improved as volume and value traded surged 55.7% and 30.5% to settle at 368.4m units and N6.3bn respectively.
 

Market Rebounds on Late Rally

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.

Equities Market Extend Losses to Third Consecutive Session

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%).

Local Bourse Sustains Bearish Sentiment

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.

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