August 12, 2016/InvestmentOne Research
The Nigerian bourse ended the week in the red, with the NSE-ASI down by -0.12% to close at 27,246.88pts taking YTD return to -4.87%. This performance was driven by bearish sentiments towards the likes of NB (-32pts), ZENITHBANK (-27pts), and FBNH (-13pts), cancelling out gains in WAPCO (+44pts), GUARANTY (+21pts) and 7UP (+21pts).
- In today’s session, market turnover was low with volume and value of trades falling by -22% and -46% to 190 million units of stocks and c.N1.3bn respectively. DIAMONDBANK, WAPIC and GUARANTY were the most active stocks to boost volume traded.
- Similarly, 7UP(+6.27%) led the list of 13 advancers while CAP topped the list of 22 losers. Consequently, market breadth index remained negative at -0.09x.Performance of major sectoral indices was mixed with gains in the Industrial Goods (+1.88%) and the Oil & Gas (+0.42%) indices countered by losses in the Banking (-0.3%) and the Consumer Goods (-0.53%) trackers.
- Going into the new week, we expect the current bearish sentiment to persist as no positive catalyst exists to steer the market in the positive direction.
- However, we restate our positive medium to long outlook given the recent traction in both monetary and fiscal policy. As such, we advise investors with a medium to longer term horizon to gradually build positions in quality names.
Click here to read NSE’s weekly stock market report for the period ended August 12, 2016
