The fall in the share prices of Dangcem, NBL and Flour Mills at the trading session in Nigeria Stock Exchange dragged down the Nigerian Stock Exchange key index by sell pressure pushing the All Share Index (ASI) 6bps lower to 36,479.42 points while YTD loss stood at 4.6 per cent. Consequently, investors lost N7.4 billion as market capitalisation fell to N13.3 trillion.
Activity level weakened as volume and value traded fell 31.5 per cent and 52.2 per cent to 182.3 million units and N2.0 billion respectively. Top traded stocks by volume were NAHCO (36.2m units), UBA (28.7m units) and FBNH (26.0m units) while top traded stocks by value were GUARANTY (N556.0), NESTLE (N411.0bn) and UBA (N271.0bn).
Performance across sectors under our coverage was bullish as 4 of 5 indices closed in the green. The Industrial Goods index led gainers, up 2.0% as a result of price gains in WAPCO (+8.9%). The Insurance and Banking indices followed, rising 1.0% and 0.9% respectively following investor interest in MANSARD (+4.2%), EQUITYASU (+9.1%), NIGERINS (+10.0%), ETI (+4.3%), UBA (+2.7%) and ZENITH (+0.4%). Similarly, the Oil & Gas index climbed 0.4% on the back of buy sentiment in CONOIL (+5.7%), ETERNA (+2.5%) and FORTE (+0.6%). The Consumer Goods index was the lone loser down 0.5%, as price depreciation in NIGERIAN BREWERIES (-2.0%), FLOURMIL (-9.0%) and DANGFLOUR (-5.0%) dragged the index lower.
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.8x from 0.6x recorded last Friday as 21 stocks advanced against 25 stocks that declined. Today’s top gainers were PORTPAINT (+9.8%), UAC-PROP (+9.7%) and LASACO (+9.1%) while NSLTECH (-10.0%), FLOURMILL (-5.4%) and OANDO (-4.3%) were the worst performers. The bearish performance recorded today was majorly due to stronger sell pressure on market bellwethers which offset the impact of bargain hunting noticed earlier in the day. However, we expect a rebound in the near term as investors react to H1:2018 earnings as noticed in late trading hours today.
Market Statistics Monday, 6th August 2018
Market Cap (N’bn) 13,315.1
Market Cap (US$’bn) 43.5
NSE All-Share Index 36,479.42
Daily Performance % (0.1)
Week Performance % (1.3)
YTD Performance % (4.6)
Daily Volume (Million) 182.3
Daily Value (N’bn) 2.0
Daily Value (US$’m) 6.6