Afrinvest Nigeria’s Daily Stock Market Report: 29 January 2015

NSEASI loses 89bps
After two consecutive days of marginal gains, the NSE ASI retreated today losing 89bps to close at 29,642.38 points. As always, market capitalisation followed the same pattern and lost N88.4bn to close at N9.9tn. On the other hand, market activities advanced today and gained 113.4% to close 517.1m units for volume and 30.5% to close at N4.8bn for value.

Industrial Sector Emerges Lone Gainer
Majority of the sector indices went south as only the Industrial goods sector gained today with 0.9%. The two previous days’ gains were erased in the Banking Index with a loss of 2.2%. Other sector losses recorded were in the Consumer Goods basket (1.1%) and Insurance Index (0.4%) while the Oil & Gas Index closed flat.

Back to Weak Sentiments

Market sentiments also closed negative today at 0.7x (19 advancers vs. 26 decliners). Topping the advancers’ list are CAP (7.6%), Ikeja Hotel (6.7%) and Dangote Sugar (5.7%) while Flourmill, Zenith Bank and Trippleg led the laggards with 5.0%, 5.0% and 4.8% respectively. Given the attractiveness of stock prices on the bourse, we advise investors to take advantage of bargain hunting opportunities while playing safe when choosing the stocks to invest in as market remains volatile.

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