Market Cap (N’bn) 13,650.19
Market Cap (US$’bn) 84.13
NSE All-Share Index 41,339.48
Daily Performance % (0.54)
1 Week Performance % (1.13)
YTD Performance % 0.02
Daily Volume (Million) 156.69
Daily Value (N’bn) 1.49
Daily Value (US$’m) 9.19
Bearish Momentum Perseveres: NSE ASI down 54bps
Bearish trading persisted on the floor of the Nigerian Bourse, as the NSE All Share Index dipped further by 54bps to 41,339.48 points in the first trading day of the week. The bearish momentum was against the backdrop of the sell offs recorded in large cap stocks – Dangote Cement (0.9%) and Nigerian Breweries (1.7%). In the same vein, market capitalisation declined N74.2bn to close at N13.7tn. Conversely, activity levels measured by volume and value traded experienced mixed performance, with aggregate turnover declining by 10.4% to 156.7m, while aggregate value climbed softly by 2.6% to N1.5bn.
Insurance Index Emerged as the Lone sector gainer
Positive investors’ appetite in the Insurance sector was sustained today, as the NSE Insurance index advanced 1.0% amid broad sector losses. Mansard (4.4%) and Wapic (1.3%) drove gains in the sector despite profit taking in Cornerstone Insurance (3.4%). On the other hand, the Industrial index lost 0.7% to lead sector losses on account of price declines in Ashaka Cement (2.5%), Berger Paint (2.2%) and Dangote Cement (0.9%). In the same vein, the Consumer Goods index shed 0.6% – pressured by the selloff in Nigeria Breweries (1.7%). Likewise, the Banking sector and Oil & Gas sector indices waned 0.3% and 0.4% respectively.
Market Breadth Negative
Market breadth closed negative (0.7x Advancers/Decliners ratio; 23 gainers Vs 35 losers’). At the close of trading, RT Briscoe (4.7%), Premier Breweries (4.4%) and Costain (4.4%) paced gains, while UPL (6.2%), Caverton (5.0%) and Learn Africa (5.0%) topped the market laggards. Despite the decline in the market today, we anticipate the market will firm up marginally in the session ahead. Technically, the Relative Strength Indicator (RSI) performance of the Nigerian bourse is presently within the oversold region (NSE RSI — 28.6), presenting opportunities for bargain hunting.
