The gains recorded in the benchmark index yesterday can be viewed as a "Dead Cat Bounce" as sustained profit taking in today's trading session dragged the NSE All Share Index (ASI) lower by 83bps to settle at 40,651.41 points while YTD return moderated to 6.3%. As a result, investors lost N123.7bn as market capitalization declined to 14.7tn. Activity level strengthened as volume and value traded rose 63.5% and 73.4% to 424.4m units and N7.6bn respectively.
Bargain hunting in some bellwether stocks – DANGCEM (+2.7%), NIGERIAN BREWERIES (+2.3%), NESTLE (+1.7%) and UNILEVER (+4.9%) – ended the 2-day bearish run in the local bourse to push the All Share Index 93bps higher to 40,992.97 points while YTD return increased to 7.2%. Accordingly, investors gained N136.8bn as market capitalization rose to N14.8tn. Activity level, was mixed today as the volume traded rose 27.6% to 259.5m units while the value traded declined by 1.5% to N4.4bn.
Sustained profit taking in yesterday's session dragged market performance for the fourth consecutive trading session as the All Share Index (ASI) slid 40bps to settle at 40,914.94 points while YTD return further weakened to 7.0%. Similarly, investors lost N59.8bn as market capitalisation stood at N14.8tn. The bearish performance was triggered by profit taking in bellwethers - DANGCEM (-1.2%), SEPLAT (-3.3%) and GUARANTY (-1.1%). However, activity level weakened as volume and value traded fell 28.2% and 56.1% to 244.9m units and N4.1bn respectively.
The bearish performance of the domestic bourse stretched to the third consecutive trading session on Wednesday as the All Share Index (ASI) shed 18bps to settle at 41,080.12 points while YTD return further weakened to 7.4%. Accordingly, market capitalisation fell to N14.8tn as investors lost N27.4bn. Today’s negative market performance was largely driven by profit taking in GUARANTY (-1.4%), UNILEVER (-5.0%) and NIGERIAN BREWERIES (-1.4%). Nonetheless, activity level was mixed as volume traded dipped 39.5% to 341.1m units while value traded inched 61.7% higher to N9.3bn.
The positive performance in the local bourse was sustained as the All Share Index (ASI) gained 4bps to settle at 41,233.42 points on Monday while the YTD return stood at 7.7%. In view of that, investors lost N16.6bn in value as market capitalisation fell to N14.9tn. The positive performance was largely driven by gains in DANGCEM (+1.0%) and GUINNESS (+0.5%). Activity level weakened as volume and value traded depreciated 21.9% and 39.3% to 221.4m and N2.6bn respectively.
The local bourse posted a bearish performance on Thursday as profit taking in bellwethers – DANGCEM (-1.1%) and NIGERIAN BREWERIES (-1.4%) - dragged the All Share Index 48bps lower to close at 41,107.81 points while YTD return declined to 7.5%. Consequently, investors lost N71.8bn as market capitalization fell to N14.9tn. However, activity level was mixed as volume traded rose 16.0% to 320.4m units while value traded was down 30.9% to N4.8bn.
The local bourse extended its positive run to the third session on Wednesday –largely due to price appreciation in DANGCEM - as the All Share Index (ASI) gained 9bps to close at 41,306.02 points while YTD return rose to 8.0%. Ex-DANGCEM, market would have closed down 85bps. Accordingly, investors wealth increased as market capitalization rose by N13.7bn to close at N14.9tn. Other drivers of today's performance were UBN (+4.0%), 11 PLC (+9.6%) and UBA (+1.3%). Activity level, however, was mixed as volume traded declined by 38.7% to 276.2m while value traded trended up 38.9% to N6.9bn.
The local bourse opened the trading week on a positive note as the All Share Index (ASI) inched 6bps higher to 41,268.56 points on Monday while YTD return remained flat at 7.9%. As a result, investors gained N8.4bn in value as market capitalization rose to N14.9tn. Gains in GUARANTY (+1.5%), DANGCEM (+0.4%), and FBNH (+0.4%) were the main drivers of today's performance. Similarly, activity level trended higher as volume and value traded improved 41.1% and 77.4% to 450.5m units and N5.0bn respectively.
According to the Commerce Department, the US economy expanded at a slower annualized rate of 2.3%, from 2.9% in the previous quarter. Although that beat polled market’s expectation of a 2.0% growth rate, it is the lowest in a year. Personal consumption (the U.S. economy’s key driver) grew at its slowest pace in five years, amid reduced spending on cars, clothing, and footwear, and stalled growth in residential investment. Meanwhile, impact of trade on the US economy turned positive, contributing 0.2%, against -1.16% in the previous quarter.