Summary of Daily Performance
The post general election rally in the Nigerian equities market came to a halt last week as some investors rushed to take profit. Following the historical 16.9 per cent gain recorded last week, profit taking surfaced leading to the Nigerian Stock Exchange ( NSE) All-Share Index (ASI), the benchmark index recorded its first weekly loss in three weeks. Although there were just as many bullish sessions as there were the bearish ones, significant sell-offs in the first two sessions resulted in a 2.23 per cent.
The market opened for the week on Tuesday -following the public holiday on Monday - on a negative note, which lasted through Wednesday, as profit taking by some short term investors led to a total decline of 4.35 per cent. The bulls returned on Thursday and Friday but were not strong enough to fill the losses from the prior sessions.
Consequently, the twin market gauge, the NSE ASI and market capitalisation depreciated by 2.23 per cent and 1.92 per cent respectively to close on Friday at 34,930.02 and N11.903 trillion.
Similarly, all the sectoral indices finished lower during the week with the exception of the NSE Consumer Goods and NSE Lotus II indices that chalked up 1.04 per cent and 0.34 per cent respectively.
The market had made history the previous week as it gained a whopping N1.817 trillion in just four trading sessions following investors’ positive reactions to the successful presidential elections.
The market had after the Easter holiday last Tuesday resumed on a poor note as the benchmark index declined by 2.20 per cent as a result of a massive profit taking after solid gains in the previous trading sessions. The post elections rally ended with the likes of Guaranty Trust Bank Plc, Nigerian Breweries Plc and Zenith Bank Plc shedding most of their recent gains, while Nestle Nigeria Plc and Champion Breweries Plc remained resistant amidst the market downturn. At the close of trades, the benchmark index settled at 34,941.79 points with a corresponding market capitalisation of N11.87 trillion. Despite the fact that the market activity level remained positive, the volume and value of transactions moderated by over 50 per cent each. The banking sector remained most active largely due to an influx of sell mandates across the sector. Trades on the banks accounted for 46 per cent of total volume, with Zenith Bank Plc and Guaranty Trust Bank Plc as the most active stocks (50 per cent of market turnover). The major sector trackers closed in the red with the banking (4.90 per cent) and oil & gas (4.23 per cent) sectors recording the most significant declines.
The market retained the negative performance on Wednesday as the index shed 2.19 per cent to close at 34,175.24 points. The market was depressed by sell pressure on Nigerian Breweries Plc, Zenith Bank Plc and Guaranty Trust Bank Plc which trimmed a cumulative 466.25 points off the index. Market capitalisation also declined by N260.36 billion to close at N11.61 trillion for the day. In line with the market trend, all sectoral trackers closed in the red on Wednesday. The oil and gas sector led the laggards, shedding 3.63 per cent as Oando Plc and Seplat Plc declined. In the same manner, Tier-1 banks; Zenith Bank Plc and Guaranty Trust Bank Plc depressed the banking tracker into its 3.60 per cent close. However, the volume of trades on the bourse improved by 21.0 per cent to a total of 704.06 million units. Nevertheless, value of trades declined by 43.9 per cent to N4.66 billion.
However, the equity market closed on a positive note on Thursday as the NSE ASI appreciated by 1.01 per cent to close at 34,520.14 points, compared with the depreciation of 2.19 per cent recorded the previous day. The appreciation in the Index could be attributed to the gains recorded in the share prices of some highly capitalised stocks such as Guaranty Trust Bank Plc, Nestle Nigeria Plc, Zenith Bank Plc, Nigerian Breweries Plc and Dangote Cement Plc, amongst others. Similarly, the market capitalisation appreciated by 1.34 per cent to close at N11.76 trillion, compared with the depreciation of 2.19 per cent recorded the prior day to close at N11.61 trillion. The discrepancy between the NSE All- Share Index and market capitalisation on the day was due to the supplementary listing of Diamond Bank Plc share following the conclusion of the bank’s rights issue. The total value of the stocks traded on the day on the floors of the NSE was N4.17 billion, down by 10.49 per cent from N4.66 billion traded the prior day.
The market closed the week on a positive note as the benchmark index appreciated by 1.19 per cent to close at 34,930.02 points, compared with the appreciation of 1.01 per cent recorded on Thursday. Similarly, the market capitalisation appreciated by 1.19 per cent to close at N11.90 trillion, compared with the appreciation of 1.34 per cent recorded the prior day to close at N11.61trillion. The appreciation in the Index was as a result of the gains recorded in the share prices of some highly capitalised stocks such as: Nigerian Breweries Plc, Zenith Bank Plc, Lafarge Africa Plc, Guaranty Trust Bank Plc and UBA Plc. The total value of the stocks traded today on the floors of The NSE was N8.05 billion up by 92.79 per cent from N4.17 billion traded the previous day. Market Turnover
Meanwhile, a total of 3.511 billion shares worth N25.196 billion in 26,836 deals were traded by investors compared to a total of 2.632 billion shares valued at N36.583 billion that
STANDARD ALLIANCE CAPTL & ASSET MGT.
STANBIC IBTC STOCKBROKERS LIMITED
STANBIC IBTC STOCKBROKERS LTD-MM
CSL STOCKBROKERS LIMITED
FBN SECURITIES LIMITED
EFCP LIMITED
RENCAP SECURITIES (NIG) LIMITED
CARDINALSTONE SECURITIES LIMITED
READINGS INVESTMENTS LIMITED
MORGAN CAPITAL SECURITIES LIMITED STANBIC IBTC STOCKBROKERS LIMITED CSL STOCKBROKERS LIMITED
EFCP LIMITED
STANBIC IBTC STOCKBROKERS LTD-MM
RENCAP SECURITIES (NIG) LIMITED
FBN SECURITIES LIMITED
CHAPEL HILL DENHAM SECURITIES LTD
INVESTMENT ONE STOCKBROKERS INT’L LTD
PARTNERSHIP SECURITIES LIMITED
ELIXIR SECURITIES LIMITED exchanged hands the previous week in 21,393 deals.
The Financial Services Industry led the activity chart with 3.000 billion shares
valued at N18.262 billion traded in 16,356 deals; thus contributing 85.44 per cent and 72.48 per cent to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with a turnover of 259.080 million shares worth N1.120 billion in 1,650 deals. The third place was occupied by the
Consumer Goods Industry with 89.843 million shares worth N3.103
18.40
15.69
12.04
6.89
3.85
3.67
2.91
2.05
1.70
1.64 13.80
13.15
7.70
7.30
7.07
4.56
2.64
2.07
1.87
1.83 billion in 3,768 deals.
Trading in the top three equities namely- Diamond Bank Plc, Standard Alliance Insurance Plc and Transnational Corporation of Nigeria Plcaccounted for 1.773 billion shares worth N4.964 billion in 1,589 deals, contributing 50.49 per cent and 19.70 per cent to the total equity turnover volume and value respectively.
Also traded during the week were a total of 25,721 units of Exchange Traded Products (ETPs) valued at N1.838 million executed in 23 deals compared with a total of 27,730 units valued at N533,087.50 thousands transacted the previous week in 22 deals.
However, there was no FGN bond traded last week. Conversely, a total of 16,500 units of Bonds (Corporate bond 12,000 units and State bond 4,500 units) valued at N17.370 million were traded last week in six deals. Gainers and Losers
An analysis of the price movement chart showed that a total of 25 equities appreciated in price during the week, lower than 72 equities of the preceding week. Fifty-three equities depreciated in price, higher than six equities of the preceding week, while 118 equities remained unchanged, the same with the preceding week.
The top 10 gainers were: Nestle Nigeria Plc (N107.45), Glaxo SmithKline Consumer Plc (N5.22), Beta Glass Plc (N2.42), Costain Plc (24 kobo), Neimeth Plc (14 kobo), Learn Africa Plc (24 kobo), Dangote Flour Plc (63 kobo), Airline Services and Logistics (25 kobo), FCMB Plc (43 kobo) and AG Leventis Plc (12 kobo).
On the other hand, the top 10 losers included: Seplat Plc (N55.49), Mobil Oil Nigeria Plc (N17.00), Guaranty Trust Bank Plc Plc (N3.87), International Breweries Plc (N3.22), Ashaka Cement Plc (N2.08), and NAHCO Plc (63 kobo), Wema Bank (16 kobo), Caverton Plc (40 kobo), Transcorp Plc (41 kobo), and NEM Insurance Plc (eight kobo).