NSE ASI down 1.0%

Nigerian Bourse Starts off in Negative Territory… At the close of trading today, the Equities market extended losses to the 2nd consecutive session as the All Share Index (ASI) fell 1.0% to close at 32,769.82 points, while YTD gain moderated to 21.9%. Consequently, investors lost N120.2bn as market capitalization retreated to N11.3tn. Today’s performance was dragged by losses in market bellwethers such as DANGCEM (-0.9%), GUARANTY (-1.1%) and ZENITH (-1.8%). Also, market activity declined as volume and value traded fell 53.1% and 54.7% to settle at 162.3m units and N1.5bn respectively.

Insurance Index, Lone Gainer
Sector performance was largely bearish as all indices closed in the red save for the Insurance index, up 0.3% due to bargain hunting in AIICO (+3.3%) and MANSARD (+0.9%). The Oil & Gas index led the losers chart, down 1.8% on account of MOBIL (-5.0%), TOTAL (-5.0%) and CONOIL (-4.9%). The Banking index trailed, losing 1.1% as a result of declines in GUARANTY (-1.1%) and ZENITH (-1.8%). Similarly, the Industrial Goods index was down 0.6% – dragged by DANGCEM (-1.5%) – while losses in GUINNESS (-4.9%) and 7UP (-9.5%) ensured the Consumer Goods index closed 0.3% lower.

Market Breadth stayed Soft
Market sentiment remained weak today as market breadth was unchanged at 0.5x – 17 stocks advanced against 29 that declined. The best performing stocks today were HONEYWELL (+9.7%), PZ (+6.2%) and CUTIX (+5.0%) while MAYBAKER (-9.5%), UNITY (-8.9%) and PRESCO (-6.9%) were the worst performers. Today’s negative close is premised on profit taking in counters that had gained in prior sessions. Nevertheless, we anticipate a rebound in subsequent sessions given the positive macroeconomic developments that investors have continued to ride on over the last 3 months.

NASD OTC Exchange Market Activities
In the NASD OTC exchange, three counters traded with total volume and value of transactions closing at 82,600 units and N433,595.0 respectively. AFRILAND (+10.0%), CSCS (+9.9%) closed in the green while AIRLIQ closed the day flat.

Market Statistics Monday, 3rd July 2017
Market Cap (N’bn)                              11,331.9
Market Cap (US$’bn)                                37.0
NSE All-Share Index                         32,769.83
Daily Performance %                                (1.0)
Week Performance %                                2.0
YTD Performance %                                21.9
Daily Volume (Million)                            162.3
Daily Value (N’bn)                                     1.5
Daily Value (US$’m)                                  5.0

*Afrinvest