The negative performance of the local bourse was extended into the 2nd trading day of the week as the All Share Index (ASI) fell 4bps to close at 41,155.80 points while YTD return moderated to 7.6%. Consequently, investors lost N6.2bn as market capitalisation fell to N14.9tn. Profit taking in DANGCEM (-0.4%), NIGERIAN BREWERIES (-0.8%) and FORTE (-5.0%) were the major drag to performance today. However, activity level strengthened as volume and value traded surged 154.6% and 124.7% to 563.6m units and N5.8bn respectively. The top traded stocks by volume were FCMB (297.5m), GUARANTY (59.2m) and ZENITH (32.5m) while GUARANTY (N2.7bn), ZENITH (N893.5m) and FCMB (N745.2m) were the top traded stocks by value.
Performance across sectors was largely bearish as 3 of 5 indices trended southwards. The Banking index was the top gainer, advancing 0.7% due to bargain hunting in GUARANTY (+1.3%) and ETI (+1.5%). The Industrial Goods index marginally inched 4bps higher, as a result of buying interest in CCNN (+4.9%) which offset losses in DANGCEM (-0.4%). On the other hand, the Consumer Goods index topped the losers chart shedding 0.3% following sell offs in NIGERIAN BREWERIES (-0.8%) while the Insurance and Oil & Gas indices fell 0.2% and 1bp respectively due to losses in AIICO (-4.2%), CONTINSURE (-1.3%) and FORTE (-5.0%).
Investor sentiment measured by market breadth (advance/decline ratio) declined to 1.0x from 1.2x recorded in the previous session as 24 stocks advanced against 25 stocks that declined. Today’s top performers were CUTIX (+8.5%), LIVESTOCK (+4.9%) and CCNN (+4.9%) while FORTE (-5.0%), CILEASING (-4.8%) and COURTVILLE (-4.6%) were the worst performing stocks. Following two consecutive days of decline, we expect a rebound in market performance driven by bargain hunting in mid to large cap stocks which present attractive entry opportunities.
Market Statistics Tuesday, 8th May 2018
Market Cap (N’bn) 14,907.9
Market Cap (US$’bn) 48.7
NSE All-Share Index 41,155.80
Daily Performance % (0.0)
Week Performance %
YTD Performance % 7.6
Daily Volume (Million) 563.6
Daily Value (N’bn) 5.8
Daily Value (US$’m) 18.8
