By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities on Monday reeled under sustained losses as it opened the week on a bearish note, closing 0.34 percent lower on investment declines.

At the close of the day’s session, the all share index (ASI) closed at 24,765.10 points, while market capitalisation dropped by N29.24 billion to N8.52 trillion.

“Today’s loss further increased the Month-to-Date and Year-to-Date losses to 2.14 percent and 13.54 percent respectively,” Cordros daily market update affirmed.

According to the report, sell-offs in the shares of oil marketing firms, Forte Oil Plc and Oando Plc led to declines by 9.13 percent and 1.13 percent, causing the Oil & Gas index to loss 4.19 percent.

In the same vein, declines recorded in the shares of insurer, AIICO Insurance Plc and reinsurer, Continental Reinsurance Plc by 2.56 percent and 1.96 percent apiece led to the Insurance sector closing in red by 1.54 percent.

On the contrary, the Banking, Consumer and Industrial Goods indices gained 0.25 percent, 0.15 percent and 0.04 percent respectively, following price appreciations in the shares of Nigeria’s top tier lender, Guaranty Trust Bank Plc by 1.13 percent, beermaker, Nigerian Breweries Plc 0.37 percent and cement producer, Cement Company of Northern Nigeria Plc gaining 4.93 percent each.

The Cordros update reports that at the close of the session on the Nigerian Stock Exchange (NSE), market breadth posted a negative outlook with 15 gainers and 25 losers, according to the NSE’s daily market statistics. Educational publishing firm, Learn Africa Plc emerged the top gainer with a gain of 0.04 kobo per share; while Forte Oil topped the losers table with a loss of N25.12 per share.

In terms of turnover, total volume traded on the Nigerian Bourse dipped by 23.34 percent to 144.68 million shares, worth N766.02 million, and traded in 2,729 deals.

“We expect the bulls to resurface in tomorrow’s session, as we await the release of additional Q1-2016 earnings results,” the Cordros report added.

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By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday rebounded on renewed bargain hunting as all-share index (ASI) climbed up 0.13 percent close at 24,659.17 points, while market capitalisation grew by N2.84 billion to N8.48 trillion.

“Today’s activities pared the Month-to-Date and Year-to-Date losses to 2.56 percent and 13.91 percent respectively,” Cordros daily market update affirmed.

This is coming on the heels of the start of the trading session which was delayed about two (2) hours today owing to due diligence checks by the NSE on its trading platform.

However, at the close of today’s session on the Nigerian equities market, the Banking and Insurance indices closed higher by 2.04 percent and 0.96 percent apiece, following gains in the shares of Nigeria’s top tier lender, Guaranty Trust Bank Plc 2.28 percent, financial HoldCo, FBN Holdings Plc 1.21 percent. On the part of the insurance sector, reinsurance firm, Continental Re-Insurance Plc climbed up 1.98 percent and Axa Mansard Insurance Plc gained 2.94 percent, according to the Cordros daily market update.

On the flipside, the report says that price declines in the shares of beermaker, Nigerian Breweries Plc and cement producer, Dangote Cement Plc by 1.91 percent and 0.02 percent each; led to the Consumer and Industrial Goods sectors dipping 0.91 percent and 0.04 percent respectively. While the Oil & Gas index closed in red 0.14 percent, following the drop recorded in the shares of oil marketing company, Oando Plc by 1.91 percent.

At the close of today’s trading on the Nigerian bourse, market breadth turned positive, with 22 gainers and 16 losers posted, the NSE daily market statistics said. Pan-African lender, Ecobank Transnational Incorporated (ETI) emerged the top gainer with a gain of 0.70 kobo per share; while UAC of Nigeria Plc topped the losers chart with a loss of 0.97 kobo per share to close the session.

In terms of turnover, total volume traded on the Nigerian equities market increased by 76.49 percent to 228.90 million shares, valued at N1.44 billion, and traded in 3,239 deals.

“Despite today’s gain being marginal, market breadth indicates renewed investor interest, which we expect to be sustained in tomorrow’s session,” the Cordros update added.

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By InvestAdvocate

Lagos (INVESTADVOCATE)-Unrelenting bears on Monday pulled down the Nigerian Stock Exchange (NSE) as all-share index (ASI) dipped 2.86 percent to close at 24,649.39 basis points, while market capitalisation sank by N233.45 billion to N8.48 trillion.

“Today’s poor performance reflects market reaction to the potential exclusion of Nigerian equities from MSCI Frontier Markets index,” Cordros daily market update affirmed.

The update says Monday’s uninspiring performance increased the Month-to-Date and Year-to-Date losses to 2.60 percent and 13.94 percent respectively.

According to the report, the Banking index declined 3.75 percent to suffer the biggest loss, owing to price depreciations in the shares of Nigeria’s top tier lenders, Zenith Bank Plc, Guaranty Trust Bank Plc and financial HoldCo, FBN Holdings Plc by 4.20 percent, 2.10 percent and 1.20 percent apiece.

Similarly, Cordros reports that sell-offs in the shares of Dangote Cement Plc and beermaker, Nigerian Breweries Plc by 4.79 percent and 4.46 percent respectively, saw the Industrial and Consumer Goods sectors drop by 2.80 percent and 1.71 percent accordingly.

On the positive side, the Insurance and Oil & Gas indices appreciated by 1.60 percent and 0.02 percent each, boosted by positive investor sentiments in the shares of reinsurer, Continental Reinsurance Plc and oil marketer, Oando Plc by 4.21 percent and 0.25 percent respectively.

At the close of today’s session, market breadth worsened, with 14 gainers versus 25 losers, according to the NSE’s weekly stock market statistics. Oil services firm, Caverton Offshore Support Group Plc emerged the top gainer with a gain of 0.07 kobo per share and chemical producer, Nigerian-German Chemicals Plc topped the losers chart with a loss of 0.41 kobo per share.

In terms of turnover, total volume traded on the Nigerian bourse marginally increased by 0.84 percent to 225.29 million shares valued at N750.23 million and traded in 3,058 deals.

“With today’s activities (e.g negative market breadth and weak sentiments across major counters) strongly reflecting weaker appetites, we expect the market to remain unimpressive in tomorrow’s session. We however opine that losses will come in less than today’s,” Cordros affirmed.

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