Losses in market Bellwethers force bearish performance… NSE ASI down

Today, the local bourse reversed gains from yesterday’s positive performance as losses in market bellwethers – INTBREW (-6.1%) and ZENITH (-1.7%) – pulled the All Share Index (ASI) 1bp lower to 37,988.54 points while YTD loss remained at 0.7%. Consequent on this, investors lost N20.0bn as market capitalization fell to N13.7tn. Activity level was mixed as volume traded rose 24.7% to 258.7m units while value traded declined 7.5% to N3.2bn. Top traded stocks by volume were FIDELITY (61.9m), TRANSCORP (26.7m) and FBNH (24.4m) while ZENITH (N518.5m), GUARANTY (N435.5m) and SEPLAT (N378.6m) were top traded by value.

Performance across sectors was mixed as only 2 of 5 indices advanced. The Insurance and Industrial Goods indices rose 1.6% and 0.9% respectively, driven by investor’s continued interest in NEM (+9.9%) and bargain hunting in WAPCO (+2.5%). On the flipside, the Consumer Goods and Banking indices declined 0.3% apiece, as investors sold positions in INTBREW (-6.1%) and ZENITH (-1.7%), which offset the impact of gains in NESTLE (+0.7%) and ACCESS (+2.0%). The Oil & Gas index further declined for the sixth consecutive trading session, down 0.1% as investors took profit in MOBIL (-0.6%).

Investor sentiment as measured by market breadth (advance/decline ratio) remained flat at 1.0x as 22 stocks advanced against 23 decliners. NEM (+9.9%) FCMB (+9.0%) and FIDELITY (+5.0%) were today’s top performers while JAPAULOIL (-8.9%), INTBREW (-6.1%) and UPL (-5.0%) led the laggards. In today’s trading session, we observed increased investor interest in some small and mid-cap stocks which further supports our expectation of a positive performance this week.

Market Statistics Tuesday, 26th June 2018

Market Cap (N’bn)                                        13,742.7

Market Cap (US$’bn)                                          44.9

NSE All-Share Index                                    37,988.54

Daily Performance %                                           (0.0)

)Week Performance %                                         (1.8)

YTD Performance %                                            (0.7)

Daily Volume (Million)                                         258.7

Daily Value (N’bn)                                                  3.2

Daily Value (US$’m)                                             10.3