Nigeria Equity Watch | 30 July 2015 : Market Capitalization Sheds N25.6bn…NSE ASI down 25bps

Lagos, Nigeria (Capital Markets in Africa) — The Nigerian Equities market continued the bearish run as the NSE ASI shed 25bps to 30,426.18pts. Market capitalization declined N25.6bn to N10.4tn. Today’s trade was driven by major losses in Consumer goods and Banking counters such as NIGERIAN BREWERIES (-0.8%), GUINNESS (-1.7), GUARANTY (-1.7%) and FBN HOLDING (-3.7%) Market activity also declined as value slipped 4.1% to N4.2bn and volume reduced 30.7% to 154.2m units

OANDO Improves 0.6% After 4.2% Decline Last Session
Performance across the sectors was mixed. The Industrial and Oil & Gas indices improved 1.8% and 0.8% respectively on account of price appreciation in WAPCO (+4.1%), OANDO (+0.6%) and FORTE OIL (+1.9%). The Insurance index declined 1.5% as MANSARD tumbled -4.7%. The Banking and Consumer Goods indices shed 0.8% and 0.4% respectively.

Investors’ Sentiment Remain Weak
Market breadth (Advancers/Decliners ratio) pegged at 0.4x as 14 stocks advanced while 32 stocks declined. Top gainers were TRANSEXPR (+4.8%), 7UP (+4.4%) and CCNN (+4.2%) while PHARMDECKO (-4.9%), LIVESTOCK (-4.9%) and PORTPAINT (-4.8%) were the top losers. Given that H1:2015 results released so far have not been sufficient in driving a rebound in the market, we advise investors to maintain caution and take position on fundamentally sound tickers.
Source: Afrinvest (West Africa) Limited Research Team