November 8, 2016/Cordros Research
- Equities extended decline to the fifth session in a row, with the All Share Index losing by 1.95% to close at 26,364.27 points. Today’s loss is the biggest since the 2.33% loss recorded on 2nd September this year.
- Following the decline, the market’s negative return has increased to 3.14% Month-to-Date and 8.21% Year-to-Date.
- All sector indices — except Consumer Goods — contracted, led by Industrial Goods (-4.5%), and followed by Oil & Gas (-1.3%) and Banking (1.2%). Insurance sector index fell by 0.4%. Decline in the shares of DANGCEM (-4.9%) and WAPCO (-5%) impacted on the Industrial Goods index while FO (-5%) and OANDO (-1.9%) weighed on the Oil & Gas. Losses recorded by UBN (-4.7%) and GUARANTY (-2.1%) dragged on Banks while AIICO (-3.3%) was responsible for the decline in the Insurance. The brewers — GUINNESS (2.9%) and NB (1.4%) – gave Consumer Goods the lifting.
- Market breadth was negative, with 13 gainers versus 26 losers. Total volume traded increased by 64.3% to N189.01 million shares, valued at N1.6 billion, and traded in 3,434 deals.
- The market is likely to close positive in the next session on expected rebound in the prices of some high-capped stocks that are on today’s losers’ sheet. Fundamentally, however, we expect the market to remain subdued.
