he negative performance of the local bourse in today’s session dragged the NSE All Share Index (ASI) by 0.3% to 37,266.86 points while YTD loss worsens to 2.6 per cent. As a result, investors lost N45.6 billion as market capitalisation declined to N13.5 trillion. Profit taking in UBN (-5.0%) and PZ (-10.0%) as well as sell-offs in OANDO (-9.4%) pulled the benchmark index lower. The sell offs witnessed in OANDO were largely driven by the alleged fine of $680.0m levied on management of the company. However, activity level was mixed as volume traded rose 43.0 per cent to 303.5 million units while value traded decreased 37.0 per cent to N2.0 billion. The most traded stocks by volume were MEDVIEWAIR (100.0m), FBNH (42.9m) and TRANSCORP (40.6m) while FBNH (N445.8m), ZENITH (N398.5m) and MEDVIEWAIR (N198.4m) were the top traded stocks by value.
Flour Mills led the gainers’ table during the day, gaining 90k to close at N29.90 per share. UACN followed with a gain of 70k to close at N14, while NAHCO gained 37k to close at N4.08 per share. Ecobank Transnational increased by 35k to close at N20.75, while Trancorp added 3k to close at N1.26 per share. An analysis of the activity chart shows that Medview Air was active in volume terms, trading 100.01 million shares worth N198.38 million.
FBN Holdings followed with an account of 42.87 million shares valued at N445.84 million, while Transcorp traded 40.55 million shares worth N51.48 million. Multiverse sold 20.89 million shares valued at N4.18 million, while Zenith International Bank transacted 16.61 million shares worth N398.49 million. In all, investors bought and sold 303.48 million shares valued at N2.04 billion achieved in 3,402 deals.
This was in contrast with a turnover of 212.88 million shares worth N3.24 billion exchanged in 3,143 deals on Friday. Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.3x from 0.7x recorded in the prior session as 8 stocks advanced relative to 32 decliners. Today’s top gainers were NAHCO (+10.0%), SOVRENINS (+8.7%) and LASACO (+5.9%) while WEMA (-10.0%), UPDCREIT (-10.0%) and PZ (-10.0%) were the worst performers. Despite the negative sentiment in the market, we anticipate a rebound in subsequent sessions as investors hunt for bargain opportunities. Our view is further buttressed by the Relative Strength Index (RSI) of 36.1 points which is close to the oversold region.
Market Statistics Monday, 16th July 2018
Market Cap (N’bn) 13,499.9
Market Cap (US$’bn) 44.1
NSE All-Share Index 37,266.86
Daily Performance % (0.3)
Week Performance % (1.0)
YTD Performance % (2.6)
Daily Volume (Million) 303.5
Daily Value (N’bn) 2.0
Daily Value (US$’m) 6.7
