February 1, 2017/Cordros Research
- The Nigerian equities market continued its decline, with the All Share Index falling by 0.51% to close at 25,903.53 points.
- Today’s performance increased the Year-to-date loss to 3.61%.
- The Consumer Goods (-3.21%) and Oil & Gas (-2.31%) indices closed lower, following selloffs in GUINNESS (-4.99%), UNILEVER (-4.99%), FO (-5.00%) and TOTAL (-4.14%) respectively. Likewise, the Banking (-0.47%) and Insurance (-0.46%) indices declined as investors liquidated their positions in ZENITHBANK (-1.97%) and CONTINSURE (-4.50%) respectively. On the flip side, gains recorded by WAPCO (+8.27%) and DANGCEM (+1.20%) bolstered the Industrial Goods (+4.07%) index.
- Market breadth remained negative, with 9 gainers versus 27 losers. Total volume traded increased by 48.23% to 305.02 million shares, valued at N1.57 billion, and exchanged in 2,620 deals.
- Corporate Release: Q3-2016 earnings; CHELLARAM (PAT: +41.44% y/y).
- We expect bearish sentiment to persist in the coming session.
