DANGCEM drags down benchmark index… NSE ASI down 20bps

The local bourse closed negative today despite a rally in small and mid cap stocks as sell offs in DANGCEM dragged the All Share Index 20bps lower to settle at 38,187.28 points while YTD return retreated to -0.1 per cent. Accordingly, market capitalisation decreased by N27.6 billion to N13.6 trillion. Today’s performance can primarily be attributed to losses in DANGCEM (-3.0%). Ex- DANGCEM the benchmark index would have appreciated 95bps. Activity level softened as volume and value traded fell 137.3 per cent and 18.8 per cent to 589.6 million units and N2.1 billion units respectively.

Sector performance was broadly positive as all indices save for the Oil & Gas index  which shed 1.4% due to price depreciation in MOBIL (-9.2%), closed positive. On the flipside, the Insurance index appreciated the most, up 1.5 per cent following gains in MANSARD (+5.0%) and NEM (+4.4%). The Banking index trailed, rising 1.2 per cent as bargain hunting in ETI (+2.9%), GUARANTY (+0.6%) and FIDELITY (+8.5%) buoyed the index. In the same vein, the Industrial and Consumer Goods indices grew 0.6 per cent and 0.5 per cent as investors took position in WAPCO (+5.0%), CCNN (+3.7%), DANGSUGAR (+7.4%) and DANGFLOUR (+5.0%).

Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 3.4x from 2.3x recorded yesterday consequent on 37 stocks advancing against 11 stocks that declined. The best performing stocks were DIAMOND (+9.6%), FCMB (+9.5%) and FIDELITY (+8.5%) while MOBIL (-9.1%), NEIMETH (-8.0%) and CUTIX (-5.0%) were the worst performers. Despite today’s negative performance, investor sentiment strengthened hence we expect to see a rebound in the market in subsequent trading sessions.

Market Statistics Wednesday, 3rd January 2018
Market Cap (N’bn)                                             13,589.6
Market Cap (US$’bn)                                                44.4
NSE All-Share Index                                         38,187.28
Daily Performance                                                     (0.2)
Week Performance %                                                 0.8
YTD Performance %                                                  (0.1)
Daily Volume (Million)                                              589.6
Daily Value (N’bn)                                                        2.1
Daily Value (US$’m)                                                    6.9