Equities Close Negative as Market Breadth Weakens

The Nigerian equities market closed Tuesday negative as the All Share Index shed 52bps to settle at 36,600.07 points; accordingly, YTD return retreated to 36.2%. Performance today can be largely attributed to losses in NIGERIAN BREWERIES (-3.3%), ZENITH (-3.0%), and GUARANTY (-1.4%). As a result, market capitalization decreased by N67.0bn to N12.7tn. Nonetheless, activity level improved as volume and value traded inched 23.6% and 34.3% higher to 258.0m units and N3.3bn respectively.

Sector Indices Performance Broadly Bearish

Market Opens Positive with Bullish Sentiment

The local Bourse opened the week bullish as the All Share Index (ASI) gained 24bps to close at 36,792.60 points while YTD return expanded to 36.9%. As a result, investors gained N30.9bn, bringing market capitalization to settle at N12.8tn. Today’s performance can be primarily attributed to buying interest in ZENITH (+3.6%), PZ (+10.2%) and DANGSUGAR (+4.3%). Notwithstanding, activity level declined as volume and value traded fell 88.6% and 61.1% to 208.7m units and N2.5bn respectively.

Banking and Consumer Goods Indices Lead Gainers

Market Extends Losses as MSCI Reviews Index Constituents

The Nigerian Equities market extended losses at the close of trade as the Morgan Stanley Capital International (MSCI) released the results of its semi-annual index review in which FORTE (0.0%), FBNH (-2.5%), GUINNESS (+1.0%) and PZ (-8.9%) were removed from its Main Frontier Markets Index which tracks large- and mid-cap stocks in the frontier universe. All, bar FORTE (0.0%), were reclassified into its MSCI Frontier Small Cap Index.

Nigerian Bourse Records Largest Decline in Weeks

The Local Bourse recorded its largest decline in 7 weeks as the All Share Index (ASI) lost 96bps on Tuesday to close at 36,953.41 points while YTD return declined to 37.5%. Consequently, investors lost N124.2bn as market capitalization settled at N12.8tn. The trading session’s negative close is majorly attributable to losses in NESTLE (-3.1%), ZENITH (-4.7%) and DANGCEM (-0.6%).

Market Opens Week Bullish

The Nigerian Equities market opened the week on a positive note as the All Share Index (ASI) rose 0.5% to settle at 37,312.28 points, implying a YTD return of 38.8%. Accordingly, investors gained N66.5bn as the market capitalization of listed stocks settled at N12.9tn. Today’s positive performance was largely on the back of price appreciation in DANGCEM (+3.9%); ex- DANGCEM, market would have lost 1.0%. In the same vein, activity level improved today as volume and value traded surged 91.9% and 1034.6% to 336.3m units and N30.0bn respectively.

Nigeria & Global Markets: Review & Outlook

Global Equity Market Review and Outlook
Despite the ongoing rally in commodity prices, sentiments across the global equity indices under our coverage were mixed, this week. Oil maintained another strong week against the backdrop of growing confidence in enforcement of the OPEC production cap and rising tensions in Saudi Arabia, one of the world’s largest oil suppliers, which have been driven by the ongoing anti-corruption purge by the Crown Prince.

Stock Market Sustains Momentum

The Nigerian Equities market continued its positive performance today as the All Share Index gained 34bps to close at 37,138.97 points while YTD return expanded to 38.2%.  In turn, investors gained N43.4bn as market capitalization settled at N12.9tn. Today’s performance was buoyed by gains in DANGCEM (+0.9%), INTBREW (+10.2%) and FBNH (+1.7%). However, activity level softened as volume and value traded fell 36.6% and 37.8% to close at 193.5m units and N1.8bn respectively.

Mixed Sector Performance

Market Capitalisation Rebounds

The Nigerian equities market recouped losses of the previous trading session as the All Share Index rose 22bps to close at 37,013.57 points while YTD return expanded to 37.7%. Today’s positive performance was primarily on account of buying interest in DANGCEM (+0.9%); ex-DANGCEM, market would have lost 6bps. Accordingly, market capitalization gained N28.6bn to settle at N12.8tn. However, activity level was mixed as volume fell 34.6% to close at 305.2m units while value traded rose 0.1% to N2.9bn.

Mixed Sector Performance

Market Opens Week flat despite Positive Sentiments

The Local Bourse trended southwards at the close of Monday’s trading session as the All Share Index marginally declined 2bps to settle at 36,930.83 points while YTD return moderated to 37.4%. Today’s negative performance was primarily dragged by losses in ZENITH (-1.0%), UBA (-2.0%), INTBREW (-3.5%) and TOTAL (-4.7%). Similarly, market capitalisation shed N3.0bn to settle at N12.8tn. Activity level was mixed as volume improved 29.2% to settle at 466.5m units while value traded declined 21.2% to close at N2.9tn.