Stock Market Statistics: Wednesday, 4th January, 2017

Market Cap (N’bn)                9,116.3
Market Cap (US$’bn)                     29.9
NSE All-Share Index             26,495.04
Daily Performance %                   (0.5)
Week Performance %             (0.7)
YTD Performance %                     (1.4)
Daily Volume (Million)                  62.1
Daily Value (N’bn)                       0.8
Daily Value (US$’m)                     2.6

Sustained Profit-Taking in GTBank Drags Equities Performance… NSE ASI Down 46bps 
The Equities market closed negative today as the All Share Index (ASI) lost 46bps to settle at 26,495.04 points while YTD loss worsened to -1.4%.

Consequently, investors lost N41.9bn as market capitalization settled at N9.1tn. The negative close can be attributed to sustained profit-taking in banking stocks – GUARANTY (-4.6%) and ETI (-2.4%) – and weaker appetite for WAPCO (-2.3%).

Activity level was also thin as volume and value traded fell 41.7% and 36.5% to close at 62.1m units and N785.3m respectively.

All Sector Indices Close in the Red
Sector performance was bearish as all indices trended southward.

The Banking index emerged the worst performing index, down 1.6% on account of declines in GUARANTY (-4.6%) andETI (-2.4%).

The Industrial Goods index trailed, losing 1.0% due to losses in CCNN (-4.2%) and WAPCO (-2.3%) while the Insurance index declined 0.6% – pressured by CONTINSURE (-3.0%) and NEM (-2.9%).

Similarly, the Oil & Gas index shed 46bps as investors sold-off on OANDO (-3.8%) and FORTE (-0.7%) while the Consumer Goods index closed the day flattish.

Sentiment Remains Weak as Portfolio Managers Rebalance to Underweight Equities
Investor sentiment remained soft today as measured by market breadth which stood at 0.8x (14 advancing stocks against 17 decliners) relative to 0.7x in the previous session.

The best performing stocks were VITAFOAM (+5.0%), LIVESTOCK (+4.8%) and UAC-PROP(+4.7%) while ASHAKACEM (-4.9%), GUARANTY (-4.6%) and DIAMOND (-4.4%) were the worst performers. The bearish sentiment since the turn of the year is in line with projection and seasonal trend, as we had expected portfolio managers to underweight equities as part of 2017 investment strategy.

Given the bearish sentiment in the market and with little fundamental drivers to support performance, we expect the Benchmark index to continue to post losses until bargain opportunities surface.

 

Afrinvest Research

Hot this week

Nigerian-Born Founder Unveils WillsRecord from Silicon Valley to Build World’s First AI Music Economy Ecosystem

A new platform brings AI music creation, streaming, distribution...

E-Waste Dialogue 2026: NCC, NLNG Drum Support for ITREALMS Multi-Stakeholder Forum

As preparations intensify for the 2026 edition of the...

NEDOGAS MD, Debo Fagbami, to Chair Realnews 14th Anniversary Lecture

The Management of Realnews Magazine and Publications Limited, Publishers...

‘Insurance Must Become Visible First Before It Can Become Universal’

  By Niyi Onifade Managing Director/CEO Heirs Life Assurance Opening Argument: Nigeria...

Capital is Critical in Energy Investment, Not Resources Alone —NLNG MD

Adeleye Falade, NLNG’s MD/CEO (second from right), participated in...

Topics

All Set for Ecobank 2026 National Schools’ Team Chess Championship

L–R: Austen Osokpor, Head, Marketing and Corporate Communications, Ecobank...

Africa Pension Awards 2O16: Call for Nominations

Looking for Innovation in Pension African countries now have the...

FG Commends Insurance Industry over N9bn Endsars’ Claims Payment

Zainab Ahmed Hon. Minister of Finance, Budget & National Planning SPEECH...

5th Africa Business Forum for Addis Ababa March 1

The 5th edition of the Africa Business Forum in...

U.S., EU Reach Insurance Regulation Agreement

United States and European Union negotiators say they have...

PenCom: Continuation of Contributor Data Recapture Exercise by PFAs

The National Pension Commission (PenCom) is pleased to invite...

NSIA Insurance Unveils Outdoor Campaign to Expand Customer Base

NSIA Insurance Limited has launched its out-of-home campaign which...

Women in Insurance Seeks Gender Parity to Boost Africa’s Economy

L-R: Bunmi Adeleye, Corporate Services, Leadway Assurance, Moderator; Seyi...