Nigeria Equity Watch | 28 July 2015 : Nigerian Equities Market Hemorrhage Persists …NSE ASI down 63bps

Lagos, Nigeria (Capital Markets in Africa) — The Nigerian Bourse dipped 63bps at the close of market as the All Share Index (ASI) berthed at points, hence YTD loss settled at -11.7%. Today’s decline was attributed to persistent bearish sentiment on counters such as ZENITH (-2.8%), NIGERIAN BREWERIES (-1.5%) and GUARANTY (-1.5%). Similarly, Market capitalization shed N66.1bn to close at N10.5tn. Market activity on the other hand improved as volume and value rose 191.5% and 141.1% to 536.8m and N4.9bn respectively.

Sector Indices in a Sea of Red
The Banking Index led the losing course by -1.7% as ZENITH (-2.8%), GUARANTY (-1.5%) and UBN (-3.6%) recorded declines. The Oil & Gas index shed 0.9% on the back of price depreciation in OANDO (-4.4%). The Consumer Goods Index went down 0.3% as NIGERIAN BREWERIES declined 1.5%. The Insurance and Industrial Goods sectors dipped 0.2% and 1bps respectively.

TRANSEXPR Emerges Top Gainer for the 2^nd Consecutive Session
Market breadth (advancers/decliners ratio) berthed at 0.4x as 13 stocks advanced while 29 stocks declined. Top gainers were TRANSEXPR (+8.7%), MCNICHOLS (+4.8%) and AFRIPRUD (+2.6%) while top losers were NEM (-4.8%), PAINTCOM (-4.5%) and LIVESTOCK (-4.5%). We reiterate our position that investors should maintain a medium to long term position in counters with sound fundamentals.

Source: Afrinvest (West Africa) Limited Research Team