Equities Market Down 0.21% On Renewed Bearish Run

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Thursday, July 11,2019
Lagos – There used to be a halt to the bullish run skilled on the ground of the Nigerian Stock Exchange (NSE) in the final two buying and selling days the day before today when the two primary indicators, the All Share Index and market capitalisation went down by way of 0.2 per cent each.

The All Share Index (“ASI”) went down via 61.42 foundation point or 0.21 per cent to settle at 29,256.60 factors while market capitalisation drooped N29.935 billion or 0.21 per cent tom shut at N14.258 trillion following promote pressures in Dangote Cement (-0.7%), Forte Oil (-10.0%) and Lafarge Africa (-1.1%).

As a result, investors wealth diminished with the aid of N123.9 billion to N14.2 trillion while year-to-date (YTD) loss fell to 6.9 per cent.

Also, activity degree was once mixed as quantity traded declined by 35.9 per cent to 188.7 million devices whilst value traded superior 15.5 per cent to N3.7 billion.

Analysts at Afrinvest said at the cease of buying and selling that: “Barring any catalyst to spur investors’ appetite, we assume the bearish performance to persist in the close to term”.

The most active stocks traded with the aid of quantity have been Zenith Bank with 45.1 million units, Morison Industries with 20.9 million units and FBN Holdings with 19.5 million devices whilst MTN Nigeria at N1.4 billion, Zenith Bank at N866.5 million and Guaranty Trust Bank at N404.5 million led through value.

Sector overall performance was once mixed, albeit negatively skewed as three of five indices covered closed in the red. The banking and purchaser goods indices received 2.6 per cent and 0.3 per cent respectively, buoyed with the aid of modest charge perception in Guaranty Trust (+3.8%), Union Bank Nigeria (+9.5%), Ecobank Transnational Incorporated (+4.2%) and Unilever Nigeria (+3.1%).

On the flip side, the Oil & Gas index prolonged losses as sell-offs in Forte Oil (-10.0%) and Conoil (-9.9%) dragged the index via 1.1 per cent. Similarly, declines in Dangote Cement (-0.7%), Lafarge Africa (-1.1%), Berger Paint (-1.4%) and Linkage Assurance (-9.9%) led to a 0.5 per cent fall in the Industrial Goods and Insurance indices respectively.

Investor sentiment as measured by market breadth (advance/decline ratio) reinforced to 0.9x from 0.4x recorded on Tuesday as 15 stocks superior relative to sixteen decliners.

The top outperforming shares have been NPF Micro Finance Bank (+9.7%), Union Bank Nigeria (+9.5%) and Sovereign Insurance (+5.0%) whilst the laggards have been led by means of Forte Oil (-10.0%), Conoil (-9.9%) and Linkage Assurance (-9.9%). 

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