Nigerian Equity Markets | 18 Sep 2015: Equity Market Retreats to end in bear … NSE ASI down 0.2%

Lagos, Nigeria, Capital Markets in Africa — After adding 0.2% each in the last two consecutive sessions, the All Share Index ended the week in the red, declining 0.2% to close the week at 30,332.68pts. Equally, market capitalisation fell N26.5bn to settle at N10.4tn for the week. Today’s decline was majorly driven by losses in DANGCEM (-1.8%), OANDO (-4.7%) and STANBIC (-1.6%). On the contrary, market activities closed the week up as volume and value rose 57.4% to 333.4m units and 28.8% to N3.5bn.

Most sector indices posted positive returns today with the Insurance index leading sector gainers with 1.0% return attributable to the appreciations in CONTINSURE (+4.3%) and CUSTODYINS (+1.5%). This was followed by the Banking index which advanced 0.8% against increases in GUARANTY (+1.9%) and ACCESS (+2.6%). Equally, the Consumer Goods and Oil & Gas indices rose 0.4% and 0.1% accordingly. Conversely, the Industrial Goods index emerged lone loser with 0.9% on account of a 1.8% decline in DANGCEM.

Market breadth stayed positive at 1.4x (26 advancers/18 decliners). Highest gainers were E-TRANZACT (+10.0%), BERGER (+5.0%) and ETERNA (+4.8%) while DEAPCAP (-4.9%), COSTAIN (-4.9%) and OANDO (-4.6%) topped the losers’ chart. Notwithstanding today’s market performance, we note the increasing confidence in the market given recent uptrend observed in the market. Nonetheless, market direction in the coming sessions is dependent on MPC decisions. In light of the aforementioned, market activities in the coming session is expected to moderate slightly. 

Source: Afrinvest (West Africa) Limited Research Team