NSE ASI up 2.8%

Market Statistics Thursday, 1st June 2017

Market Cap (N’bn)                          10,479.8
Market Cap (US$’bn)                            34.3
NSE All-Share Index                   30,314.14
Daily Performance %                           2.8
Week Performance %                         4.3
YTD Performance %                        12.8
Daily Volume (Million)                    434.4
Daily Value (N’bn)                             4.6
Daily Value (US$’m)                       15.2
NSE ASI up                                     2.8%
The Nigerian bourse sustained its bullish streak as the Benchmark index closed in the green for the 7th consecutive trading session. The NSE ASI surged 2.8% to settle at 30,314.14 points, crossing the 30,000 points mark for the first time since June 24th 2016. Accordingly, market capitalization increased N282.0bn to close at N10.5tn. Today’s positive close was majorly driven by the gains in DANGCEM (+5.0%), NIGERIAN BREWERIES (+4.9%), FBNH (+10.0%) and ZENITH (+2.9%). Market activity also strengthened as volume and value traded rose 26.6% and 38.6% to settle at 434.4m units and N4.6bn respectively in 5,107 deals.

Profit Taking Drags Oil & Gas Index
Performance across sectors largely trended in the same direction as the Benchmark index as all indices closed higher save for the Oil & Gas index which fell 0.2% as investors continued to take profit in OANDO (-5.3%) and SEPLAT (-0.6%). The Consumer and Industrial Goods indices surged 2.5% and 2.4% respectively on the back of uptrend in DANGCEM (+5.0%) and NIGERIAN BREWERIES (+4.9%). Similarly, the Banking index rose 1.7% on the back of gains in ZENITH (+2.9%), UBA (+4.9%), ACCESS (+5.5%) and ETI (+3.8%). Likewise, the Insurance index trended 1.5% northwards as MANSARD (+4.9%), NEM (+4.2%) and AIICO (+3.8%) closed higher.

Upside Opportunities Exist Despite Sustained Rally
Investor sentiment stayed strong in today’s trading session as evident in the market breadth (advancers/decliners ratio) which surged to 3.9x (from 1.7x yesterday). The best performing stocks were FBNH (+10.0%), MAYBAKER (+9.4%) and LEARNAFRICA (+8.1%) while the worst performing stocks were LINKASSURE (-9.5%), OANDO (-5.3%) and 7UP (-5.0%). Despite the sustained market rally and the benchmark index’s 14-Day RSI closing at 85.7 points (indicating that market is in the overbought region) trading multiples show that Nigerian equities remain cheaper and attractive when compared to SSA peers and we believe the improvements made in FX management will continue to buoy foreign participation in the market.