December 20. 2016/Cordros Research
- The Nigerian equities market extended losses, with the ASI declining by 0.17% to close at 26,540.87 points.
- Today’s bearish performance pared the Month-to-Date gain to 4.77% and increased the Year-to-Date loss to 7.58%.
- The Oil & Gas (-1.85%) index suffered the biggest loss, as investors liquidated their positions in FO (-9.74%) and TOTAL (-1.04%). Price declines recorded by GUARANTY (-1.90%), ZENITHBANK (-0.14%), UNILEVER (-4.26%) and DANGSUGAR (-0.47%) – respectively – caused the Banking (-0.37%) and Consumer Goods (-0.08%) indices to shed weight. On the bright spot, the Industrial Goods (+0.89%) and Insurance (+0.44%) indices benefitted from buying interest in DANGCEM (+0.02%), WAPCO (+2.56%), NEM (+5.00%) and AIICO (+1.67%) respectively.
- Market breadth improved, albeit still negative, with 21 gainers (previously 16) compared to 20 losers (previously 27). Total volume traded fell by 5.40% to 248.71 million shares, valued at N3.10 billion shares, and exchanged in 3,271 deals.
- We expect a positive close in the coming session, as the possibility of bargain hunting appears high.
