Benchmark index sustains negative trend… NSE ASI down 8bps

The benchmark index maintained its negative momentum at the end of session, shedding 8bps to close at 34,846.82 points while YTD gain retreated to 29.7 per cent. Sustained profit-taking in large caps – NIGERIAN BREWERIES (-1.2%), FBNH (-5.0%) and SEPLAT (-1.5%) dragged market performance. Accordingly, market capitalization declined by N9.1bn to close at N12.0tn. However, activity level improved as volume and value traded rose 7.3 per cent and 84.0% to 174.7m units and N2.8bn respectively.

Performance across sectors was mixed as 3 of 5 indices trended upwards. The Oil & Gas index led decliners with 1.0 per cent loss on the back of sustained profit taking in SEPLAT (-1.5%). The Industrial Goods index trailed, shedding 0.4 per cent on account of WAPCO (-0.9%). Similarly, the Consumer Goods index dipped 0.2% owing to losses in NIGERIAN BREWERIES (-1.2%) and PZ (-4.0%). On the flipside, the Insurance index gained 0.9% on the back of sustained interest in MANSARD (+4.7%) and LINKASSURE (+5.0%) while the Banking Index closed 0.4% higher due to GUARANTY (+1.4%).

Investor sentiment weakened today as market breadth moderated to 0.5x (from 0.8x yesterday) after 13 stock advanced against 24 declining stocks. LINKASSURE (+5.0%), MANSARD (+4.7%) and NESTLE (+2.0%) topped the gainers’ chart while FBNH (-5.0%), 7UP (-5.0%) and NEM (-4.9%) led laggards. Following sustained profit taking in the market, we expect a rebound in the near term. This view is further reinforced by the fact that the benchmark Index currently trades at an RSI of 37.8 which is close to the over-sold region.
Market Statistics Tuesday, 19th September 2017
Market Cap (N’bn)                                              12,012.5
Market Cap (US$’bn)                                                39.3
NSE All-Share Index                                         34,846.82
Daily Performance %                                                (0.1)
Week Performance %                                               (1.7)
YTD Performance %                                                29.7
Daily Volume (Million)                                            174.7
Daily Value (N’bn)                                                      2.8
Daily Value (US$’m)                                                  9.2