The benchmark index maintained its negative momentum at the end of session, shedding 8bps to close at 34,846.82 points while YTD gain retreated to 29.7 per cent. Sustained profit-taking in large caps – NIGERIAN BREWERIES (-1.2%), FBNH (-5.0%) and SEPLAT (-1.5%) dragged market performance. Accordingly, market capitalization declined by N9.1bn to close at N12.0tn. However, activity level improved as volume and value traded rose 7.3 per cent and 84.0% to 174.7m units and N2.8bn respectively.
Performance across sectors was mixed as 3 of 5 indices trended upwards. The Oil & Gas index led decliners with 1.0 per cent loss on the back of sustained profit taking in SEPLAT (-1.5%). The Industrial Goods index trailed, shedding 0.4 per cent on account of WAPCO (-0.9%). Similarly, the Consumer Goods index dipped 0.2% owing to losses in NIGERIAN BREWERIES (-1.2%) and PZ (-4.0%). On the flipside, the Insurance index gained 0.9% on the back of sustained interest in MANSARD (+4.7%) and LINKASSURE (+5.0%) while the Banking Index closed 0.4% higher due to GUARANTY (+1.4%).
Investor sentiment weakened today as market breadth moderated to 0.5x (from 0.8x yesterday) after 13 stock advanced against 24 declining stocks. LINKASSURE (+5.0%), MANSARD (+4.7%) and NESTLE (+2.0%) topped the gainers’ chart while FBNH (-5.0%), 7UP (-5.0%) and NEM (-4.9%) led laggards. Following sustained profit taking in the market, we expect a rebound in the near term. This view is further reinforced by the fact that the benchmark Index currently trades at an RSI of 37.8 which is close to the over-sold region.
Market Statistics Tuesday, 19th September 2017
Market Cap (N’bn) 12,012.5
Market Cap (US$’bn) 39.3
NSE All-Share Index 34,846.82
Daily Performance % (0.1)
Week Performance % (1.7)
YTD Performance % 29.7
Daily Volume (Million) 174.7
Daily Value (N’bn) 2.8
Daily Value (US$’m) 9.2
