January 4, 2017/Cordros Research

• Equities extended losses in the second trading session of the year, as profit taking persisted. The All Share Index declined by 0.46% to close at 26,495.04 points.

• Majority of the indices declined in today’s session, except the Consumer Goods index which closed flat. The Banking (-1.62%) and Insurance (-0.59%) indices shed weight, owing to losses recorded by GUARANTY (-4.58%), STANBIC (-0.38%), NEM (-2.86%) and WAPIC (-1.92%) respectively. The Industrial Goods (-1.00%) and Oil & Gas (-0.46%) indices also closed lower, as WAPCO (-2.32%), CCNN (-4.21%), FO (-0.74%) and OANDO (-3.80%) posted losses.

• Market breadth remained negative, with 14 gainers versus 17 losers. Total volume traded fell by 82.13% to 602.05 million shares, valued at N1.20 billion shares, and exchanged in 2,150 deals.

• We expect the ASI to close lower in tomorrow’s session.