Investors began the trading week booking profit in STANBIC (-7.6%), GUARANTY (-0.1%) and GUINNESS (-2.4%). Hence, the All Share Index (ASI) fell 17bps to 32,711.65 points, YTD loss declined to -14.5% and market capitalization decreased by N20.0bn to N11.9tn. However, activity level increased, as volume and value traded inched 3bps and 20.0% to 184.6m units and N3.4bn respectively. Banking tickers – FCMB (33.1m units), GUARANTY (29.9m units) and ZENITH (15.6m units) led top traded stocks by volume while the top traded stocks by value were GUARANTY (N1.1bn), UNILEVER (N580.3m) and NIGERIAN BREWERIES (N348.3m).
Performance across sectors was mixed as 3 of 5 indices closed in the green. The Industrial Goods index led the gainers chart, up 0.6% due to buying interest in WAPCO (+ 3.6%). Similarly, bargain hunting in FIDELITY (+5.9%), FCMB (+2.3%) and FORTE (+6.7%) drove the Banking (+0.1%) and Oil & Gas (+0.4%) indices higher. On the flip side, the Consumer Goods and Insurance indices declined 0.1% and 0.5% respectively as DANGSUGAR (-2.1%) NESTLE (-0.1%), NEM (-1.7%) and NIGERINS (-8.1%) recorded losses.
Investor sentiment measured by market breadth (advance/decline ratio) weakened to 0.9x points from 1.0x recorded on Friday as 15 stocks appreciated against 17 that declined. The best performing stocks were FORTE (+6.7%), FIDELITY (+5.9%) and LIVESTOCK (+5.3%) while AGLEVENT (-9.8%), FIRSTALUM (-9.8%) and UACPROP (-9.7%) led the worst performers. We expect sustained profit taking in the remaining trading sessions. However, we do not rule out the possibility of bargain hunting in fundamentally sound stocks towards the end of the week.
Market Statistics Tuesday, 2nd October 2018
Market Cap (N’bn) 11,942.3
Market Cap (US$’bn) 39.0
NSE All-Share Index 32,711.65
Daily Performance % (0.2)
Week Performance % (1.2)
YTD Performance % (14.5)
Daily Volume (Million) 184.6
Daily Value (N’bn) 3.4
Daily Value (US$’m) 11.1
