020910: Spring Bank, C&I Leasing lead decliners as NSE ASI dips by 0.18% to close at 24,203.18

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020910: Spring Bank, C&I Leasing lead decliners as NSE ASI dips by 0.18% to close at 24,203.18

All Share Index and Market capitalization closed lower today by -0.18% and N10.75 billion (US$72.86 million) loss respectively to continue the southward journey started yesterday by the bears. Market sentiment remained weak as bear trader rains.

The existing downward trend in the market which commenced yesterday is attributable to unwillingness of investing community, which has consequently led to cautious and wary attitude by investors to equities bargain. This is caused by over burden of excess supply from selloff traders that invaded market recently.

The market outlook recorded today revealed that investing community remained more cautious and economical with bargain decisions despite present low and attractive share valuation. This further suggests indecision and uncertainty about the entry point.

Drop in share prices reflects in NSE sectoral indexes as NSE 30 that measures performance of listed blue chip companies dropped by (0.18%), NSE food & beverages loss by (0.64%) and NSE Insurance declined by 0.06% while the NSE Banking and NSE Oil & Gas gained 0.19% and 0.48% respectively.

As usual, banking sector led the market transaction volume today with 148.457 million units valued at N1.28 billion (US$8.67 million) exchanged in 3,616 deals as against 129.20 million units valued at N1.31 billion (US$8.76 million) exchanged in 3,392 deals recorded yesterday.

The volume recorded in the sector was driven by transaction in the shares of Guaranty Trust Bank Plc, Access Bank Plc, Zenith bank Plc, First Bank Plc and First Inland Bank Plc. The total volume of 94.88 million units valued at N1.04 billion traded in the shares of the five stocks accounted for 43.90% of the entire market volume and their value represented 51.78% of the market’s value.

The number of gainers at the close of trading session closed lower at twenty-two (22) compared with thirty one (31) gainers recorded on Wednesday; while decliners closed higher at thirty seven (37) compared thirty (30) losers recorded the previous trading day.

At the close of trading session, the All-Share Index moved marginally down by -0.18% to close at 24,203.18 as against marginal drop by -0.09% recorded on Wednesday to close at 24,247.05. In the same manner, market capitalisation moved down by N10.75 billion (US$72.86 million) to close at N5.93 trillion (US$40.19 billion) as against a drop by N5.19 billion (US$34.17 million) recorded on Wednesday to close at N5.94 trillion (US$39.68 billion).

Transaction volume on the exchange moved down by -15.12% to close at 216.12 million units exchanged in 6,532 deals as against volume decline by -31.81% recorded on Wednesday to close at 254.63 million units exchanged in 7,165 deals.

Also, market value declined by -4.09% to close at N2.02 billion (US$13.71 million) as against drop of -20.17% recorded on Wednesday to close at N2.11 billion (US$14.09 million).

Ashaka Cement Plc topped the gainers chart for the day with +5% price appreciations. However, Ikeja Hotel Plc, Spring bank Plc and C&I Leasing Plc topped the losers chart for the day with -5% depreciations.

SECTORAL REVIEW

The Agriculture sector closed with one gainer to one loser compared with two gainers to two losers recorded yesterday. The share price of FTN Cocoa Processors Plc continues to inch up as it gained +4.29% while Okomu Oil Palm Plc dips by -4.99%. However, the share prices of Livestock Feeds Plc and Presco Plc remain unchanged after today’s’ trading

The Airservice sector closed with no price movement compared with one gainer and one unchanged price recorded yesterday. The share prices of Nahco Aviance Plc which gained by +1.21% yesterday and Air Services and Logistics Plc remain unchanged at the close of trading.

The banking sector closed with ten (10) gainers to ten (10) losers recorded compared with six (6) gainers to twelve (12) losers recorded yesterday. Intercontinental Bank Plc led the gainers’ chart in the sector with +4.65% and closely followed by Wema Bank and Fidelity Bank Plc with +4.30% and +2.64% gains respectively while Spring Bank Plc share led the losers’ chart in the sector with -5.00% price decline recorded. Unity Bank and Sterling Bank Plc followed on the decline chart with -4.70% and -3.17% loss in that order.

The Breweries sector recorded one loser and two unchanged prices compared to one gainer to one loser recorded yesterday. The share price of Nigerian Breweries Plc dips by -1.41% while Guinness Plc and International Breweries Plc share prices remain unchanged after today’s trading.

In the building materials sector today, two gainers and two unchanged prices was recorded compared to one gainer to one loser recorded on previous trading day. The share prices of Ashaka Cement and Cement Company of Northern Nigeria Plc moved up by +5.00% and +0.28% respectively. The share prices of Benue Cement Company and Lafarge WAPCO Plc, however, remained unchanged after today’s trading.

The conglomerates sector recorded one gainer to two losers compared with three losers to two unchanged prices recorded yesterday. The share price of PZ Plc inches up by +1.56% while UAC of Nigeria and Unilever Nigeria Plc both lost by -2.14%, and -1.96% respectively

The Food and Beverages sector recorded one gainer to six losers after today’s trading compared with one gainer to three losers recorded yesterday. The share price of Dangote Sugar Refinery Plc moved up by +0.49% while National Salt Company of Nigeria Plc led the losers’ chart in the sector with -4.95%. Closely followed by Cadbury Plc with -3.83% while Dangote Flour Mills, Big Treat and Honeywell Flour Mills Plc also lost -2.29%, -1.96% and -0.42% in that order.

The Insurance sector recorded two gainers to three losers compared with three gainers to two losers recorded on previous trading day.

The Petroleum sector records one gainer to two losers compared with one two gainers and six unchanged prices recorded yesterday. The share price of African Petroleum Plc gained +4.97% while Chevron Oil Nig Plc lost by -4.56% and Oando Plc lost marginally by -0.02%

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