Bears Extend Hold at the Stock Market

The local bourse remained in the red on Tuesday, extending the bearish run into the seventh consecutive trading session with the All Share Index (ASI) falling 2.4% to settle at 41,708.15 points while YTD return contracted to 9.1%. As a result, market capitalization decreased by N369.5bn to N14.9tn. Sustained sell-offs across board was experienced today, with DANGCEM (-4.9%), NIGERIAN BREWERIES (-3.9%) and NESTLE (-2.9%) being the major drags on performance. Similarly, activity level weakened as volume and value traded fell 9.1% and 29.0% to 470.5m units and N3.7bn respectively.

Equities Market Maintains Negative Momentum

In line with expectation, the bearish run of the equities market from the start of the week persisted as the All Share Index (ASI) declined by 49bps to close on Thursday at 43,326.89 points while YTD return contracted to 13.3%. Consequently, investors lost N75.8bn as market capitalization fell to N15.5tn. Today’s drag was largely on account of sustained sell-offs across board with NESTLE (-5.0%), NIGERIAN BREWERIES (-3.2%) and FBNH (-1.6%) weighing the most on performance.

MTN to Launch IPO at the Exchange this year

MTN Nigeria discussed plans to list on the Lagos stock exchange at a board meeting on Wednesday and aims to launch the IPO this year, a company source told Reuters.

Africa’s biggest mobile phone operator had planned to list its Nigerian unit in 2017, as part of an agreement with the Nigerian government, but delayed the IPO due to market conditions.

The telecoms firm has now revived those plans and is considering hiring a public relations firm to manage communications ahead of the listing in Nigeria in addition to its South African advisers, the source said.

Profit Taking Drags the Local Bourse Southwards

The equities market closed southwards for the third consecutive trading day as the All Share Index  (ASI) shed 77bps to settle at 43,538.16 points on Wednesday while YTD return further moderated to 13.8%. Consequently, market capitalization fell by N121.5bn to settle at N15.6tn. Today’s negative close can be largely attributed to sell pressure across board with market bellwethers – DANGCEM (-2.2%), NIGERIAN BREWERIES (-2.0%) and STANBIC (-3.5%) weighing the most on performance.

Bears Pounce on the Capital Market

In line with the equities market correction currently being experienced across the developed markets, the Nigerian All Share index (ASI) extended losses into the second consecutive trading session, down 0.9% to close on Tuesday at 43,877.30 points while YTD return further moderated to 14.7%. Accordingly, investors lost N138.2bn as market capitalization reduced to N15.7tn. Today’s negative performance is largely on account of broad based sell-offs across sectors, although banking stocks – ZENITH (-4.4%) FBNH (-5.2%), UBA (-2.4%) and GUARANTY (-0.7%) were the main drags on performance.

Market Opens Week Bearish

The equities market opened the week on a bearish note as the All Share Index (ASI) shed 45bps to close at 44,261.72 points while YTD return moderated to 15.7%. Accordingly, market capitalization fell by N71.2bn to settle at N15.8tn. Monday’s negative performance was largely due to losses in DANGCEM (-2.9%), UBA (-3.1%) and FBNH (-1.8%). On a similar note, activity level softened as volume and value traded fell 32.3% and 19.6% to 426.8m units and N2.8bn respectively.
Mixed Sector Performance

Stock Market Rebounds from Negative Performance

The equities market recovered from yesterday’s negative performance as the All Share Index (ASI) rose 26bps to 44,460.18 points while YTD return advanced to 16.3%. Accordingly, market capitalisation increased N58.9bn to settle at N15.9tn. Thursday’s performance was largely driven by gains in DANGCEM (+1.9%); ex-DANGCEM the market would have closed 23bps southwards. However, activity level declined as volume and value traded fell 3.3% and 55.7% to close at 630.6m units and N3.4bn respectively.
Largely Negative Sector Performance

Profit Taking Drags Benchmark Index

The equities market closed negative today as profit taking dragged the benchmark index 34bps lower to 44,343.65 points while YTD return contracted to 16.0%. As a result, market capitalization decreased by N53.8bn to settle at N15.9tn. The negative performance was driven by price depreciation in NIGERIAN BREWERIES (-2.0%), INTBREW (-4.9%) and UBN (-3.7%). However, activity level was mixed as volume traded declined 25.7% to 651.9m units while value traded advanced 4.5% to N7.8bn.

Mixed Sector Performance

Local Bourse Maintains Positive Close

The local bourse maintained a positive close on Tuesday as the All Share Index (ASI) rose 42bps to 44,493.79 points while YTD return expanded to 16.3%. Accordingly, investors gained N67.1bn in value as market capitalization settled at N15.9tn. Performance was largely driven by buying interest in DANGCEM (+0.8%), STANBIC (+2.2%) and ETI (+9.3%). Similarly, activity level improved as volume and value traded inched 53.0% and 26.4% to 877.0m units and N7.4bn respectively.

Mixed Sector Performance