19/9/2016/Cordros Update

• The Nigerian equities market opened the week on a bearish note, with the benchmark index falling by 0.07% to close at 27,839.93 points.

• Today’s performance trimmed the Month- to-Date gain to 0.87% and increased the Year-to-Date loss to 2.80%.

• The Consumer Goods (-0.92%) index depreciated, on the back of selloffs in NB (-1.13%), NESTLE (-0.12%) and GUINNESS (-0.01%). The Industrial Goods (+0.24%), Insurance (+0.16%) and Oil & Gas (+0.16%) indices however closed in the green, following positive interest in DANGCEM (+0.09%), WAPCO (+0.46%), CUTIX (+4.71%), CONTINSURE (+2.06%), NEM (+1.23%), CUSTODYINS (+0.25%), CONOIL (+10.24%), TOTAL (+5.00%) and MOBIL (+0.59%) respectively. Similarly, gains recorded by ZENITHBANK (+0.21%) and GUARANTY (+0.18%) buoyed the Banking (+0.25%) index.

• Market breadth was positive, with 27 gainers and 18 losers. Total volume traded rose by 43.36% to 328.20 million shares, valued at N2.89 billion, and traded in 3,215 deals.

• Despite today’s loss, we expect a positive close in tomorrow’s session as today activities (positive market breadth and gains in major sector indices) give good reasons to expect upbeat sentiments.