Nigerian Equity Markets | 08 Oct 2015: Nigerian Equity Losses Moderate on the Bourse… NSE ASI Sheds 6bps

Lagos, Nigeria, Capital Markets in Africa — The equities market continued on its losing streak today, although marginal, as the Nigerian All Share Index shed 6bps at the close of today’s trade to 30,123.20pts. Equally, after shedding N6.1bn, market capitalization settled at N10.4tn. This decline in the benchmark index was consequent on the losses recorded in banking counters – ACCESS (-3.8%) and ZENITH (-1.5%). Market activities measured by the volume and value of transactions also fell 16.3% and 49.5% to close at 219.6m units and N1.9bn respectively.

Sector indices performance was mixed today. The insurance index led the losers with a decline of 1.5% – making today its fourth day of consecutive losses – attributable to depreciations in MANSARD (-4.4%) and NEM (-4.3%). The Banking index also followed in the negative trend after it waned 0.6%, pressured by ACCESS (-3.8%) and ZENITH (-1.5%). Similarly, the Oil & Gas index shed a marginal 1bps. Conversely, today’s sector gainers were the Consumer and Industrial Goods indices with gains of 0.2% and 14bps on price appreciation in GUINNESS (+2.3%) and BERGER (+4.9%) accordingly.

Market breadth closed southward as it pegged at 0.8x (18 advancers against 23 decliners). TRANS EXPRESS (+9.2), BERGER (+4.9%) and OKOMU (+4.2%) led the pack of gainers while IKEJA HOTEL (-5.0%), BOC GAS (-4.8%) and MANSARD (-4.4%) led the list of losers. Given the sustained negative trend in market performance as investors continued to take profit on the bourse, expectation of third quarter earnings releases is expected to drive investor sentiments in the interim. 

 Source: Afrinvest (West Africa) Limited Research Team