The National Bureau of Statistics (NBS) released its Q4:2016 GDP report yesterday. In line with expectation, Nigeria’s FY: 2016 GDP contracted 1.5% Y-o-Y, beating our projection of -1.6% for the year. Despite the continued rally in select financial services stocks, the Nigerian equities market closed lower amid more FY: 2016 earnings releases. The All Share Index slid 0.2% to 25, 329.08points while YTD loss worsened to 5.8%. Major drags to performance were NIGERIAN BREWERIES (-2.1%), GUINNESS (-3.9%) and FORTE (-5.0%) while market capitalisation trimmed N15.3bn to N8.8tn. Activity level strengthened as volume and value traded rose 74.5% and 43.7% to 444.5m units and N3.6bn respectively.
DANGCEM Releases Impressive FY: 2016 Result
Performance across sectors remained mixed today. The Insurance index advanced the most, up 0.3% on account of AIICO (+3.4%) and CONTINUSRE (+1.0%). Similarly, the Oil & Gas and Banking sector indices advanced 0.2% apiece. On the flipside, the Consumer Goods index declined 1.4% following sell offs in GUINNESS (-3.9%) and NIGERIAN BREWERIES(-2.1%). The Industrial Goods index closed flat for the second consecutive trading session notwithstanding the impressive FY: 2016 result submitted by DANGCEM. The Cement maker’s Gross Revenue and PAT grew 25.1% and 2.9% Y-o-Y to N615.1bn and N186.6bn respectively and proposed an N8.50 dividend per share for the reporting period.
Investor Sentiment Strengthens
Market breadth (advancers/decliners ratio) improved to 1.3x (from 1.0x yesterday) as 15 stocks advanced while 12 declined. UACN (+5.0%), OKOMUOIL (+5.0%) and VITAFOAM (+4.9%) topped the gainers’ list while FORTE (-5.0%), HONYFLOUR (-4.8%) and TRANSCORP (-4.2%) led the losers’ chart. In line with our equity recommendation report published earlier today, we see significant 12-month upside potentialin ACCESS, UBA, ZENITH, MANSARD, DANGCEM, DANGSUGAR, NESTLE and CONTINSURE.
NASD OTC Exchange Market Activities
In the NASD OTC exchange, the total volume of trades fell 78.2% to settle at 152,943 units while total value fell 91.5% to N7.6m. CSCS PLC was the most traded stock, representing 65.3% total volume traded.
Stock Market Statistics: Tuesday, 28th February, 2017
| Market Cap (N’bn) | 8,765.9 |
| Market Cap (US$’bn) | 28.7 |
| NSE All-Share Index | 25,329.08 |
| Daily Performance % | (0.2) |
| Week Performance % | 0.3 |
| YTD Performance % | (5.8) |
| Daily Volume (Million) | 444.5 |
| Daily Value (N’bn) | 3.6 |
| Daily Value (US$’m) | 11.9 |
