The bearish performance of the domestic bourse continued for the fifth consecutive trading session as the All Share Index (ASI) declined 25bps to settle at 40,150.55 points while YTD return moderated to 5.0 per cent. Consequently, investors lost N35.8 billion as market capitalisation fell to N14.5 trillion. Profit taking in ETI (-2.2%), NIGERIAN BREWERIES (-0.7%) and DANGSUGAR (-2.5%) were the major drags to today’s performance. Nonetheless, activity level was mixed as volume traded fell 4.8 per cent to 266.7 million units while value traded rose 14.3 per cent to N4.7 billion. The top traded stocks by volume were IKEJAHOTEL (45.8m) – which has maintained the top spot for the second consecutive trading session after the NSE lifted the suspension on trading of the stock on Monday- while ACCESS (30.4m) and FIDSON (27.2m) followed closely. NESTLE (N2.2bn), GUARANTY (N598.7m) and ZENITH (N560.0m) were the top traded stocks by value.
Sector performance was largely bearish as 4 of 5 indices under our watch trended southwards. The Oil & Gas index was the only gainer appreciating 0.1 per cent on account of gains in MRS (+4.9%). On the contrary, the Consumer Goods index shed the most, down 0.5 per cent, following losses in NIGERIAN BREWERIES (-0.7%) and DANGSUGAR (-2.5%) while the Insurance index fell 0.3 per cent, as a result of sell pressures in LINKASSURE (-4.4%) and AIICO (-4.6%). Similarly, the Banking and Industrial Goods indices declined 0.2 per cent and 0.1 per cent respectively due to profit taking in ETI (-2.2%), FCMB (-4.8%), CAP (-2.9%) and NASCON (-0.2%).
Investor sentiment as measured by market breadth (advance/decline ratio) softened to 0.5x from 0.6x recorded the preceding trading session as 15 stocks advanced compared to 28 stocks that declined. The top performers were IKEJAHOTEL (+9.8%), MRS (+4.9%) and FIRSTALUM (+4.6%) while UACN (-8.5%), CHAMS (-5.0%) and CILEASING (-4.9%) were the worst performing stocks. With the Relative Strength Index (RSI) of the ASI at 33.2 – close to the oversold region, we anticipate a rebound in the near term. Nevertheless, we do not rule out the possibility of sustained sell offs in subsequent trading sessions this week.
Market Statistics Wednesday, 23rd May 2018
Market Cap (N’bn) 14,543.7
Market Cap (US$’bn) 47.5
NSE All-Share Index 40,150.55
Daily Performance % (0.3)
Week Performance % (2.1)
YTD Performance % 5.0
Daily Volume (Million) 266.7
Daily Value (N’bn) 4.7
Daily Value (US$’m) 15.3
