By Afrinvest Research,
Market Statistics Monday, 16th April 2018
Market Cap (N’bn) 14,805.4
Market Cap (US$’bn) 48.4
NSE All-Share Index 40,987.77
Daily Performance % 0.1
Week Performance % 1.4
YTD Performance % 7.2
Daily Volume (Million) 192.5
Daily Value (N’bn) 10.2
Daily Value (US$’m) 10.2
Local Bourse Kicks Off Trading Week on a Positive Note… NSE ASI up 14bps
The local bourse extended gains today from the previous week as buying interest in NESTLE (+1.8%), ZENITH (+1.5%) and UNILEVER (+3.9%) buoyed market performance pushing the All Share Index (ASI) up 14bps to close at 40,987.77 points while YTD return also inched higher to 7.2%. Consequently, investors gained N21.4bn as market capitalization rose to N14.8tn. Activity level strengthened as volume and value of shares traded increased by 15.2% and 53.3% to 192.5m units and N3.1bn respectively. The top traded stocks by volume were GUARANTY (37.6m), JAPAUL OIL (21.4m) and FIDELITY (13.2m) while the top traded stocks by value were GUARANTY (N1.7bn), ZENITH (N293.2m) and NIGERIAN BREWERIES (N158.2m).
Mixed Sector Performance
Performance across sectors was mixed as 3 of 5 indices under our coverage closed in the green. The Industrial Goods index led gainers, up 0.5% due to gains in WAPCO (+1.1%). The Banking and Insurance indices followed, rising 0.3% and 0.2% respectively on the back of bargain hunting in ZENITH (+1.5%), UBA (+1.9%) and NEM (+5.0%). On the flip side, the Oil & Gas index was the lone decliner, down 0.7% as profit taking in 11 PLC (-5.0%) dragged the index. The Consumer Goods index closed flat.
Investor Sentiment Weakens
Investor sentiment measured by market breadth (advance/decline ratio) weakened to 1.3x from 1.5x recorded last Friday, as 28 stocks advanced against 21 stocks that declined. SKYE (+10.0%), OANDO (+9.4%) and JAIZBANK (+8.5%) were today’s best performers while UACPROP (-7.9%), 11 PLC (-5.0%) and VITAFOAM (-4.8%) declined the most. Today, the NSE migrated ACCESS, WAPCO, SEPLAT and UBA to its premium board and we believe this will improve sentiment on these stocks.
Furthermore, we expect market performance to remain upbeat on account of increased bargain hunting.