Nigerian Equity Markets | 29 Sep 2015: Nigerian Equity Bullish Run Continues… NSE ASI Rises 20bps

Lagos, Nigeria, Capital Markets in Africa — The benchmark index further improved 0.2% to close 30,825.00pts at the end of the second session this week. The sustained uptrend is attributable to gains in DANGOTE CEMENT (+1.8%) NIGERIAN BREWERIES (+0.7%), and ACCESS (+0.6%). Likewise, market capitalization increased N20.8bn to close at N10.6tn during trade. In addition, market activities were mixed as volume of shares traded rose 165.3% to 707.5m while the value declined 21.0% to N2.5bn. 

The Banking index continued in red (-1.2%) due to losses in stocks such as ZENITH (-2.9%), UBA (-1.2%) and ETI (-0.7%). The Insurance index declined 1.5% on price depreciation in MANSARD (-4.0%) and AIICO (-4.3%). The Industrial Goods index (+0.7%) rebounded to a positive close as investors placed bullish bets on DANGOTE CEMENT (+1.8%). The Oil & Gas and Consumer Goods indices both increased 0.2% by the close of trade. 

Market breadth (advancers/decliners ratio) declined to 0.7x from the previous 1.3x as 20 counters advanced against 28 decliners. Leading the gainers’ table were TRANSEXPRESS (+5.8%), UPL (+5.0%) and BERGER (+4.9%). On the contrary, the market laggards were led by SCOA (-4.8%), CAVERTON (-4.7%) and MAYBAKER (-4.5%). Still in anticipation of the President’s ministerial list to be released tomorrow, it is expected that the bullish run in the stock market will be sustained in the next trading session.

Source: Afrinvest (West Africa) Limited Research Team