Market Statistics Wednesday, 19th October, 2016
| Market Cap (N’bn) | 9,438.2 |
| Market Cap (US$’bn) | 29.9 |
| NSE All-Share Index | 27,478.04 |
| Daily Performance % | (0.3) |
| Week Performance % | (2.0) |
| YTD Performance % | (4.1) |
| Daily Volume (Million) | 81.9 |
| Daily Value (N’bn) | 0.6 |
| Daily Value (US$’m) | 1.9 |
Thin Trading as Equities Extend Losses to 3rd Session… NSE ASI down 0.3%
The Nigerian All Share Index (ASI) extended losses into the 3rd consecutive trading session of the week as the index further trimmed 0.3% to settle at 27,478.04 points at the close of trade today. The YTD loss consequently weakened to 4.1%, with market performance mainly dragged by sell pressure on FORTE (-7.7%), TOTAL (-4.7%) and ASHAKA (-9.7%). Market capitalization decreased to N9.4tn as investors lost N26.5bn. In the same vein, activity level softened as volume and value traded fell 46.8% and 63.4% to settle at 89.1m units and N591.8m respectively.
Oil & Gas Index Sustains Losing Streak
Similar to the previous two trading sessions, performance across sectors was bearish as all indices closed in the red save for the Industrial Goods index which rose 0.3% driven by bargain hunting in WAPCO (+0.7%). The Oil & Gas index (-3.0%) declined the most on account of losses in FORTE (-7.7%) and TOTAL (-4.6%). The Insurance index followed as it weakened 0.2% on the back of sell pressure on CUSTODYINS (-5.0%). Similarly, the Consumer Goods and Banking indices dipped 0.2% and 0.1%, as a result of weaker appetite in INTBREW (-5.0%), DANGSUGAR (-1.5%), ZENITH (-0.4%) and GUARANTY (-0.2%) respectively.
Investor Sentiment Remains Weak
Investor sentiment slightly improved today as reflected in the breadth which settled at 0.6x (from yesterday’s 0.5x) after 12 stocks advanced against 20 declining stocks. The gainers’ chart was topped by CAVERTON (+4.0%), STANBIC (+3.0%) and WAPIC (+2.0%) while ASHAKA (-9.7%), FORTE (-7.7%) and CUSTODYINS (-5.0%) led the losers’ list. The weak performance of the Nigerian market cannot be disconnected from the fragile macroeconomic fundamentals, high fixed income yield and bearish outlook on third quarter earnings due for release this month. However, compelling opportunities for short term investors attracted by cheap prices are anticipated to drive performance in subsequent sessions.
