December 19, 2016/Cordros Research

• The Nigerian equities market started the week on a bearish note. Having shed 0.45%, the NSEASI closed at 26,586.56 points, recording its first loss in seven days.

• Today’s performance reduced the Month-to-Date gain to 4.94% and increased the Year-to-Date loss to 7.41%.

• The Oil & Gas (-3.64%) index recorded the biggest loss, following selloffs in FO (-9.75%) and SEPLAT (-4.88%). The Banking (-1.05%) and Insurance (-0.81%) indices also closed lower, owing to losses in the shares of GUARANTY (-0.86%), ACCESS (-1.07%), MANSARD (-4.88%) and NEM (-1.23%) respectively, while the loss in CCNN (-0.71%) pulled the Industrial Goods (-0.01%) index lower. On the other hand, the Consumer Goods (+0.28%) index appreciated following gains in GUINNESS (+9.54%) and DANGSUGAR (+4.10%).

• Market breadth was negative, with 16 gainers compared to 27 losers. Total volume traded fell by 69.93% to 262.90 million shares, valued at N1.75 billion shares, and exchanged in 2,789 deals.

• We expect tomorrow’s session to be relatively quiet.