Domestic Bourse Reverses Gains… ASI down 0.9%

In the first trading session of the week, the local bourse bucked its 7-day positive performance as losses in DANGCEM (-2.5%), SEPLAT (-8.0%) and WAPCO (-6.3%) dragged the All Share Index (“ASI”) 0.9% southwards to settle at 30,732 points. Consequently, YTD loss worsened to 2.2% as market capitalisation declined by N101.6bn to settle at N11.5tn. However, activity level strengthened as volume and value traded increased by 66.0% and 47.0% to 499.2bn units and N5.5tn respectively. The top traded stocks by volume were DIAMOND (239.4m units), GUARANTY (119.3m units) and ZENITH (26.1m units) while top traded stocks by value were GUARANTY (N3.8bn), ZENITH (N563.2m) and DIAMOND (N497.9m).

Sector performance was mixed today, albeit negatively skewed, as only 2 of 5 sectors under our coverage closed in the green. The Insurance index advanced the most up 1.5% on the back of gains in NEM (+4.8%), LINKASSURE (+8.9%) and WAPIC (+5.0%). Similarly, the Industrial Goods index inched northwards by 1.0% following modest gains in CCNN (+7.2%). On the flipside, the Oil and Gas index led the losers, down 4.5% following price depreciation in SEPLAT (-8.0%) and OANDO (-1.1%) while the banking index closed in the red on the back of losses in UNITY (-4.4%) and WEMA (-1.6%). However, the Consumer Goods index closed flat as trades within the sector were unable to move in index.

Investor sentiment measured by market breadth (advance/decline ratio) weakened to 0.7x as 13 stocks advanced against the 18 stocks that declined. The top outperforming stocks for the day were LINKASSURE (+8.9%), ABCTRANS (+7.4%) and CCNN (+7.2%), while ETRANZACT (-8.7%), SEPLAT (-8.0%) and RESORTSAL (-7.7%) were the top underperforming stocks. We expect today’s performance to persist into tomorrow’s trading session, as we maintain our near-term bearish outlook for the domestic equities market.

Market Statistics Monday, 21st January 2019

Market Cap (N’bn)                               11,460.5

Market Cap (US$’bn)                                 37.4

NSE All-Share Index                           30,732.72

Daily Performance %                                   (0.9)

1 Week Performance %                                 2.6

YTD Performance %                                     (2.2)

Daily Volume (Million)                                 499.2

Daily Value (N’bn)                                           5.5

Daily Value (US$’m)                                      18.1

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