30/11/2016/Cordros Research
- Equities halted four days of losing streak, as the All Share Index narrowly escaped with a 0.03% gain. Today’s gain was the fourth out of November’s twenty two trading sessions.
- Today’s positive close slightly trimmed the Month-to-Date (-7.27%) and Year-to-Date (-12.26%) losses.
- Three of the five sector indices closed on a positive note. The Oil & Gas index posted a strong 2.44% gain, followed by Banking which rallied by 2.28%. Consumer Goods advanced by 0.5% while Industrial Goods (-1.25%) and Insurance (-0.83%) indices both fell. Gains by MOBIL (10.24%) and OANDO (4.99%) lifted the oil & gas index while GUARANTY (3.9%), STANBIC (3.88%), CADBURY (10.15%) and NB’s (1.4%) upsides respectively contributed to the gains recorded by banking and consumer goods. Conversely, losses recorded by PAINTCOM (-4.11%), DANGCEM (-2.53%), MANSARD (-5%) and NEM (-2.78) respectively dragged down the industrial and insurance indices.
- Market breadth improved further — though still negative — with 20 gainers (13 previously) versus 20 losers (unchanged). Total volume traded fell by 19% to 414.2 million shares, valued at N3.4 billion, and traded in 2,567 deals.
- As December trading begins tomorrow, we expect the market to gradually cutback the losses recorded in November.
