Nigeria equities opens week still upswing with 0.27% rise in benchmark index
August 7, 20171.7K views0 comments
Nigerian stocks Monday sustained the bullish run of last week, as all-share index appreciated by 0.27 percent to close at 37,525.38 points, representing 0.51 basis point below the 0.78 percent appreciation recorded previously.
Thus, year-to-date performance was further buoyed to 39.6 percent.
Similarly, market capitalisation gained N34.5 billion to settle at N12.9 trillion.
Monday’s positive performance was due to appreciation in consumer and industrial goods large-caps including NIGERIAN BREWERIES (+3.1%), NESTLE (+3.3%) and WAPCO (+1.7%).
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Activity level however declined as volume and value traded slid 50.6 percent and 8.0 percent to 254.5 million units and N5.8 billion respectively.
Performance across sectors was mixed as two of five indices trended northwards. The consumer goods index led sector gainers with a 2.2 percent appreciation, consequent on gains in NESTLE (+3.3%) and NIGERIAN BREWERIES (+3.1%).
The industrial goods index trailed consumer goods index, climbing 0.6 percent on the uptick in WAPCO (+1.7%). On the flip side, losses in MANSARD (-4.6%) and CONTINSURE (-4.3%) dragged the insurance index 2.0 percent lower, whilst the Banking and Oil & Gas indices dipped 0.2 percent apiece on account of losses in ZENITH (-0.4%), UBA (-1.3%), OANDO (-1.9%) and FORTE (-1.4%).
Investor sentiment waned as market breadth (advancers/decliners’ ratio) retreated to 0.8x against 3.3x recorded last week Friday. The best-performing stocks today were CCNN (+10.2%), CILEASING (+10.0%) and DANGFLOUR (+7.6%), while the worst performers were MANSARD (-4.6%), CONTINSURE (-4.3%), and AGLEVENT (-4.2%).
Analysts expectations still bullish as they see uptrend market performance driven by expectations of H1:2017 corporate earnings.
“As more Tier-1 banks are set to release their H1:2017 earnings in coming weeks, we believe market performance will remain upbeat,” Afrinvest analysts noted.