Investors' Sell-offs Drags Down Market Performance

On Monday, investors' in ZENITH (-1.6%), GUARANTY (-1.8%) and DIAMONDBNK (-9.4%) lowered the benchmark index by 0.2% to 32,143.41 points as market capitalisation also shed N27.5bn to settle at 11.7tn while YTD loss worsened to -15.9%. However, activity level was mixed as volume traded increased by 17.0% to 142.0m while value traded dropped by 2.0% to N1.6bn. DIAMONDBNK (32.2m units), GUARANTY (20.0m units) and UBA (N16.1m units) were top traded by volume while GUARANTY (N738.1m), ZENITH (N285.2m) and UBA (N128.3m) were top traded stocks by value.

Bargain Hunting Buoys Market Performance

On Thursday, investors bargain hunting in market bellwethers - NESTLE (+1.4%) and GUARANTY (+1.2%) - lifted the benchmark index up 0.4% to 32,228.50 points as market capitalisation gained N43.9bn to 11.8tn while YTD loss moderated to -15.7%. However, activity level weakened as volume and value traded dropped 55.5% and 71.6% to 200.1m and N2.7bn respectively. ACCESS (81.3m units), FBNH (31.7m units) and FCMB (N10.6m units) were top traded by volume while NESLTE (N1.2bn), ACCESS (N0.6bn) and FBNH (N0.2bn) were top traded stocks by value.

Profit Taking Drags Benchmark Index

Photo: The Nigerian Stock Exchange (NSE) on Wednesday honoured its former Director-General, Apostle Hayford Alile, whose exit was announced on October 1, 2018. At the closing gong event were members of the Alile family which include his children and widow, Dr. (Mrs.) Patience Alile as well President, CEO, Past Presidents and DG of NSE.


Local Bourse Reverses Negative Performance

In line with our (Afrinvest) expectation, the domestic equities market gained 33bps in Tuesday’s session to settle at 32,154.03 points due to bargain hunting in bellwethers NIGERIAN BREWERIES (+1.3%), NESTLE (+3.6%), and UBA (+4.0%). As a result, market capitalisation increased by N38.6bn to N11.7tn while YTD loss moderated to -15.9%. Activity level was however mixed as volume traded fell 5.0% to 149.7m units while value traded appreciated 59.6% to N2.8bn.

Capital Market Opens Week on Negative Note

The domestic equities market shed 24bps in Monday’s session to settle at 32,048.18 points due to sell-offs in NIGERIAN BREWERIES (-2.8%), UNILEVER (-6.0%) and UBA (-5.1%). As a result, market capitalisation declined by N28.0bn to N11.7tn while YTD loss further fell to -16.2%. Activity level also weakened, as volume and value traded trended lower by 34.0% and 38.6% to 157.7m units and N1.8bn respectively.

Sell Pressures Persist as Domestic Equities Market Extend Losses

Sell pressures persisted in the local bourse as losses extended into the third consecutive session. Losses in DANGCEM (-2.9%), NESTLE (-1.5%) and DANGSUGAR (-8.0%) pulled the All Share Index (ASI) southwards, shedding 1.4%to settle at 32,006.65 points while YTD loss moderated to -16.3%. Market Capitalisation also declined by N167.8bn to close at N11.7tn. Activity level however strengthened as volume and value traded moved higher by 67.4% and 29.0% to 355.7m units and N4.9bn respectively.

Stock Market Extends Losses

In Wednesday’s session, sustained sell pressures amidst weak investor appetite weighed negatively on the local bourse as it extended losses into the second consecutive session. Sell pressures in DANGCEM (-3.2%), STANBIC (-10,0%), and NIGERIAN BREWERIES (-6.4%) dragged the All Share Index (ASI) southwards by 2.1% to settle at 32,466.27 points while YTD loss further moderated to -15.4%. In line with market performance, market capitalisation skimmed N256.1bn to settle at N11.9tn.

Local Bourse Pares Yesterday’s Gains

In line with our (Afrinvest) expectation, the domestic equities market reversed gains from the previous session as elevated sell pressures impacted market performance today. Consequently, the All Share Index (ASI) shed 0.1% to settle at 33,167.88 points while YTD loss moderated to -13.3%. Major drags today were FBNH (-8.3%), ZENITH (-3.1%) and SEPLAT (-4.6%) while gains in DANGCEM (+1.7%) cushioned the losses recorded. Market capitalisation also shed N10.3bn, settling at N12.1tn.

Diamond Bank’s Shares Hit 4-month High

Shares in Nigeria’s Diamond Bank rose to a four month high on Thursday, a day after the bank said four of its directors have resigned, in a move that could pave the way for the mid-tier lender to attract new investors.

The bank rose for the fourth straight session, up 7.19 percent to 1.49 naira. Diamond Bank has risen 24 percent since the start of this week.

Banking sources told Reuters on Wednesday that Diamond Bank was in talks with new investors while the bank’s chairman Oluseyi Bickersteth and three other directors resigned with immediate effect.

Bargain Hunting: All Share Index Rebounds

In Thursday’s trading session, the local bourse advanced by 44bps on account of buy interests in market bellwethers – NIGERIAN BREWERIES (+5.0%), DANGCEM (+0.3%) and NESTLE (+0.7%). Consequently, market capitalisation rose by N51.6bn to N11.9tn while YTD loss improved to –14.9%. However, activity level was mixed as volume traded shed 8.2% to 349.3m units while value traded rose 57.3% to N3.7bn.