Nigerian Equity Markets | 30 Oct 2015: Nigerian Equities end the week negative … NSE ASI 90bps lower

Lagos, Nigeria, Capital Markets in Africa — The Nigerian Equities market ended the week negative, closing the last trading session for the week 0.9% lower as the All share Index settled at 29,190.54pts, sustaining a week-long of bearish sentiment.

Market capitalisation equally shed N87.4bn to berth at N9.9tn for the week. Today’s decline remained on account of sell pressure on OANDO. We observed that the Oil and Gas Stock has plunged 40.0% since the submission of its FY:2014 result last Friday where it posted a N183bn colossal loss. Equity mover for the day include NIGERIAN BREWERIES (-5.1%) and UNILEVER (-4.9%). Market activities were however mixed as volume eased 17.4% to 205.5m units while value rose 34.8% to N3.4bn.

Sector indices were largely negative save for the banking index which appreciated 1.1% following gains in ZENITH (+3.3%), UBA (2.3%) and DIAMOND (+2.8%) gains. The Oil & Gas sustained decline with -1.1% attributable to sustained pressure on OANDO (-9.6%). Consumer goods also dipped 2.3% on losses in NIGERIAN BREWERIES (-5.1%) and UNILEVER (-4.9%). The Industrial goods and Insurance indices both eased 0.2% and 0.1% respectively.

Market breadth, measured by the ratio of advancers to decliners closed at 0.94x after 17 stocks gained and 18 declined. At the close of trade, BERGER (+4.9%), FIDSON (+4.9%) and UBCAP (+4.7%) emerged the highest gaining stocks while OANDO (-9.6%), NIGERIAN BREWERIES (-5.1%) and UNILEVER (-4.9%) topped the losers’ chart. Following a bearish sentiment observed in the Nigerian over the last eight trading days. We envision the possibility of a correction in the coming session as bargain hunter position for speculative gains.

Source: Afrinvest (West Africa) Limited Research Team