Nigeria Equity Watch | 8 July 2015 : Nigerian bourse sustaining Losses, ASI down 108bps

Lagos, Nigeria (Capital Markets in Africa) —The NSE All Share Index (ASI) shed an additional 1.1% to close at 32,031.73pts. Today’s decline in index was against the losses recorded in OANDO (-4.9%) and UBA (-4.2%). Similarly, market capitalisation dipped N119.0bn to settle at N10.9tn for the day. Market activities equally decreased as volume declined 10.7% to 194.0m units while value also dropped 2.4% to close at N2.9bn.

Consumer Goods and Banking Sectors Shed Points for the 7th Session
Sector performances remained gloomy as all sectors save for the Insurance index shed points. Insurance sector emerged with 0.1% gain due to increases recorded in CUSTODYINS (+4.9%) and CONTINSURE (+2.0%). In line with the overall market sentiment, the Consumer Goods and Banking sector indices lost 0.1% and 1.0% respectively making seven consecutive sessions of losses sustained by the bellwether sectors. On the back of price depreciations suffered by OANDO (-4.9%) and FORTE OIL (-1.5%), the Oil & Gas basket dipped the most with 1.7%. This was also followed by Industrial Goods index which plunged 1.3%.

Frail Sentiments Remain
Market breadth went further south to 0.4x (13 advancers vs 31 decliners), underscoring the weak market sentiments. At the close of trading, ASHAKA CEMENT (+5.0%), IKEJA HOTEL (+4.9%) and CUSTODYINS (+4.9%) topped the gainers’ chart while BETAGLAS (-5.0%), OANDO (-4.9%) and UNITYBNK (-4.8%) led the losers’ table. As vague policy signals continue to pervade Nigeria’s investment landscape, we advise investors to stay glued to medium to long term investment horizon.

Source: Afrinvest (West Africa) Limited Research Team


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