NSE-ASI up 77bps

Market Statistics Thursday, 8th June 2017

Market Cap (N’bn)                                 11,386.8
Market Cap (US$’bn)                                   37.3
NSE All-Share Index                            32,937.98
Daily Performance %                                    0.8
Week Performance %                                   5.0
YTD Performance %                                   22.6
Daily Volume (Million)                               528.1
Daily Value (N’bn)                                        4.8
Daily Value (US$’m)                                  15.8

The equities market extended gains at the end of trade today as the All Share Index (ASI) rose 77basis points to close at 32,937.98 points whilst year to date YTD, return advanced to 22.6 per cent. As a result, market capitalisation added N86.9billion to settle at N11.4trillion. Today’s performance was largely buoyed by Oil & Gas and Banking counters including SEPLAT (+10.1%), ACCESS (+7.3%) and ZENITH (+2.4%). Also, market activity improved as volume and value traded rose 5.8 per cent and 18.8 per cent to settle at 528.1million units and N4.8billion respectively.

Oil & Gas Index Leads Advancers on Forcados Reopening
Performance across sectors was mixed as 3 sectors advanced while two declined. The Oil & Gas index surged 4.9 per cent on account of maximum gains in FORTE (+10.2%) and SEPLAT (+10.1%). The Banking index followed, up 3.0 per cent, against the backdrop of sustained buying interest in ACCESS (+7.3%) and ZENITH (+2.4%). Similarly, the positive streak in the Consumer Goods  sector extended to the 12th session as the index gained 1.3 per cent due to appreciations in NIGERIAN BREWERIES (+0.9%) and CADBURY (+10.2%). On the flip side, the Industrial Goods index fell 1.0 per cent as a result of declines in DANGCEM (-1.9%) and WAPCO (-0.2%) while the Insurance index lost 0.2 per cent on the back of losses in MANSARD (-0.4%) and WAPIC (-3.6%).

Bullish Sentiment Persists
Investor sentiment improved significantly today as market breadth settled at 3.5x (from 1.0x yesterday) after 45 stocks advanced against 13 declining stocks. The best performing stocks today were FORTE (+10.2%), INTBREW (+10.2%) and CADBURY (+5.0%) while GOLDBREW (-4.7%) JBERGER (-4.7%) and NEIMETH (-4.1%) declined the most. While the equities market is expected to ride on the positive developments in the economy, we note that that the run of gains over the past weeks may have limited the upside for some stocks. Nonetheless, we still maintain the market may be set for a “year round bull run” following the improved flexibility in the administration of FX and anticipated strong Q2 earnings season.