Afrinvest Nigeria’s Daily Stock Market Report: 28 January 2015

Marginal Gains Linger… NSE ASI advances 16bps

Investors on the floor of the Nigerian bourse continued to trade cautiously as the NSE All Share Index (ASI) advanced 16bps to close at 29,907.66 points, bringing the WTD performance to a positive 0.5%. Market capitalization followed the same trend, adding N16.2bn to close at N10.0trn. At the close of today’s trade, investors staked a total of N3.7bn on 242.4m units of shares in 3,897 deals, depressing market volume and value by 48.2% and 21.5% respectively.

Marginal Sector Performances
The Banking Index led the sector gainers with 0.4% driven by price appreciation in Guaranty (0.9%) and ETI (2.1%). In the same vein, the Consumer Goods Index advanced 0.2% as Guinness (2.3%), Unilever (3.0%) and PZ (2.9%) traded higher, while the Oil & Gas Index gained 0.1%. On the contrary, the Industrial Goods Index weakened 0.3% on the back of selling pressures in Wapco (1.2%). The Insurance Index also lost 0.2% today.

Improved Market Sentiments
Market breadth closed positive at 1.3x as 23 stocks advanced against 18 declining stocks. Top gainers were Ikeja Hotel (9.9%), AIICO (5.0%) and NPF Microfinance (4.8%); while Redstarex (5.0%), May & Baker (4.4%) and Continental Reinsurance (4.2%) led the losers’ list. Despite the sustained positive market breadth, slowing activity indicates the market will continue to trade soft in the interim.

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