10/1/2017/Cordros Research

• The bears resurfaced on the domestic bourse, with the All Share Index declining by 0.88% to close at 26,346.24 points.

• Following today’s unimpressive performance, the NSEASI has shed 1.97% Year-to-Date.

• Losses were recorded by most indices – save for the Oil & Gas (+0.15%) index which recorded a modest gain – with the Banking (-2.81%) depreciating the most, followed by the Consumer Goods (-0.41%), Industrial Goods (-0.31%) and Insurance (-0.08%) indices. Some of the stocks which came under pressure were GUARANTY (-4.23%), ZENITHBANK (-2.28%), 7UP (-9.10%), FLOURMILL (-0.76%), DANGCEM (-0.59%), CUTIX (-9.52%), MANSARD (-4.14%) and AIICO (-1.67%). The gain posted by the oil & gas index was specifically driven by buying interest in TOTAL (+1.67%) and OANDO (+1.32%).

• Market breadth was negative, with 19 gainers versus 25 losers. Total volume traded jumped by 70.23% to 372.85 million shares, valued at N1.33 billion and traded in 4,068 deals (a YtD high).

• We expect selloffs to persist in tomorrow’s session, as today’s performance (e.g. sector-wide losses and negative market breadth) suggests weakened appetite.