Investors at NSE lost N124.2bn as ASI nose dive

Trading at the Nigerian Stock Exchange recorded its largest decline in seven weeks as the All Share Index (ASI) lost 96bps to close at 36,953.41 points while YTD return declined to 37.5%. Consequently, investors lost N124.2 billion as market capitalisation settled at N12.8 trillion. The trading session’s negative close is majorly attributable to losses in NESTLE (-3.1%), ZENITH (-4.7%) and DANGCEM (-0.6%). Likewise, activity level weakened as volume and value traded fell 29.1% and 88.6% to 238.6m units and N3.4bn respectively- due to high base of yesterday’s trading activity following a one-off cross deal of DANGCEM valued at N27.0 billion

Bearish Sector Performance
Sector Performance was largely negative with the Oil & Gas index emerging the lone gainer. The biggest losers were the Industrial and Banking indices, down 1.4 per cent apiece, owing to price depreciations in ZENITH (-4.7%), GUARANTY (-0.3%), DANGCEM (-0.6%) and WAPCO (-2.8%). The Consumer Goods index trailed, down 1.3% following losses in NESTLE (-3.1%) and UNILEVER (-5.0%). Similarly, depreciations in LINKASSURE (-4.6%) and AIICO (-3.6%) dragged the Insurance index 0.1% lower. The day’s lone gainer- the Oil & Gas index- was driven by buying interest in FORTE (+1.4%).

Market Breadth Declines Further
Market Breadth declined further from 0.6x recorded yesterday to 0.3x (11 advancers/31 decliners). The top performing stocks were VITAFOAM (+5.0%), NAHCO (+4.8%) and NEM (+4.3%) while the worst performers were CAVERTON (-9.4%), CILEASIN (-8.8%) and UNILEVER (-5.0%). Following the day’s unprecedented loss, we expect bargain hunting to drag market performance positive in subsequent trading sessions.

Market Statistics Tuesday, 14th November 2017
Market Cap (N’bn)                                                    12,789.5
Market Cap (US$’bn)                                                      41.8
NSE All-Share Index                                               36,953.41
Daily Performance %                                                      (1.0)
Week Performance %                                                     (0.2)
YTD Performance %                                                       37.5
Daily Volume (Million)                                                    238.6
Daily Value (N’bn)                                                              3.4
Daily Value (US$’m)                                                         11.2