Market Statistics Tuesday, 28th January 2014.

The NSE All Share Index  sustained its losing streak today; losing a whopping 111basis points at the end of today’s trading session to bring YTD return to (-0.34%). The market loss was occasioned by the decline in the share prices of most market heavyweights such as Nigeria Breweries, Dangote Cement, Zenith Bank and UBA. Approximately 408 million shares, worth N4.97bn were traded.

UBA Capital and Oando led the losers chart, shedding 9.0 per cent and 8.0 per cent to close at N2.05 and N23.28 respectively. We attribute these losses to profit taking given that these stocks rallied significantly last week. CostainWest Africa continued to rally 9.9 per cent for the second consecutive day, to close at N1.99. The announcement that the company had settled its debt obligation to First Bank has stimulated herding in the stock. We anticipate investors will take profit in this stock within the next few days. Other top gainers include IPWA, VONO, and Trans National Express gaining 4.7 per cent, 4.6 per cent and 4.5 per cent respectively.