Nigerian Equity Markets | 28 Sep 2015: Market Sustains Uptrend… NSE ASI up 0.7%

Lagos, Nigeria, Capital Markets in Africa — The Nigerian Equities market started its usual buzz of activities today, gaining 0.7% to close 30,764.37pts after 2 days of the Sallah holiday. In like manner, market capitalization increased N76.0bn to close at N10.6tn during trade. This rise in the index is attributable to gains in NIGERIAN BREWERIES (+4.3%), NESTLE (+2.4%) and GUARANTY (+2.0%). Conversely, market activities measured by volume and value of shares traded declined 42.9% to 266.7m and 27.2% to N3.2bn respectively.     

Sector indices were broadly positive today with the Consumer Goods index leading the sector gainers’ chart with 2.9% attributable to the appreciations in NIGERIAN BREWERIES (+4.3%) and NESTLE (+2.4%). Similarly, the Oil & Gas index followed with 1.2% as FORTE OIL closed 4.2% higher. The Insurance sector also rose 0.2%. On the other hand, the Banking and Industrial Goods sectors shed 16bps and 15bps on account of declines in ZENITH (-3.3%) and DANGCEM (-0.3%) accordingly.

Market sentiment stayed positive as 25 stocks advanced against 19 declining stocks. Thus, market breadth (ratio of advancers to decliners) closed positive at 1.3x. Today’s top gainers were ETERNA (+5.4%), UACN (+5.0%) and FIDSON (+5.0%) while top losers were JULIUS BERGER (-5.0%), DANGFLOUR (-4.9%) and CUTIX (-4.8%). We expect the market to sustain todays’ bullish opening for the week as investors take positions ahead of the ministerial list anticipated to be released before Thursday (October 1^st 2015).

Source: Afrinvest (West Africa) Limited Research Team