110412: Nigerian Stock Market slides further as sentiment remains unchanged
Category: Daily & Weekly Market Updates
Equity Market maintained negative position for the second successive session as the twin market indicators, NSE ASI & CAP, moved in opposite directions with Index shedding -30.97 basis points while market CAP gained N27.14bn amid decreased volume turnover and Naira votes.
Nevertheless, the key benchmark indices closed downbeat as sentiments remained red, taking hits majorly from Large CAP stock which was particularly driven by ZENITH while Medium CAP stocks also contributed to the outlook recorded today due to continuous selling activities witnessed in Consumer Goods and Financial Services sector.
In the same vein, the market capitalization of 187 first-tier equities appreciated by N27.14 billion as market sentiments remained negative. 90 equities were traded today as against previous 89 with more activities recorded in Financial Services, Oil & Gas, Conglomerates, Consumer Goods, Services, Industrial Goods, Healthcare and Agriculture sectors.
Today, four out of the five NSE sectoral indices closed negative as NSE 30 which basically measures the performance of blue chips maintained downtrend by -0.09%, NSE Insurance maintained uptrend by +0.59% while NSE Oil & Gas closed downwards by -0.25% with NSE banking recording -0.66% loss while NSE Food also recorded -0.17% loss.
At the close of trading session, the NSE All-Share Index dips by -0.15% to close at 20,814.35 as against an upbeat by -0.46% recorded in the previous session to close at 20,845.32.In the same vein, market capitalization appreciated by N27.14million (US$180.89million) to close at N6.63trillion (US$44.23billion) as against depreciation by N30.63billion (US$204.19million) recorded in preceding session to close at N6.61trillion (US$44.05billion).
The number of gainers at the close of trading session closed lower at 15 as against 17 recorded in the previous session while decliners closed higher at twenty-two (22) as against twenty-four (24) losers recorded in the previous trading day – suggesting a negative market breadth.
Today, the following company presented their results
1.Portland Paints Plc: in its Audited 2011 result recorded positive turnover growth of +8.6% and positive PAT growth of +19.2%. The company rewards investors with 20k dividend. The closure date is 28th May, 2012. Qualification date is 25th May, 2012 while AGM date is 8th June 2012 scheduled to hold at Sheraton Hotel & Towers, Ikeja Lagos.
2.UTC Nigeria Plc: in its Audited 2011 result recorded negative turnover growth of -0.9% and positive PAT growth of +1653.1%.
As usual, Financial Services sector led the market transaction volume today with 133.17 million units valued at N1.03 billion (US$6.86 million) exchanged in 2,269 deals as against 120.91 million units valued at N1.16 billion (US$7.78 million) exchanged in 2,058 deals recorded in previous session.
The volume recorded in the sector was driven by transaction in the shares of Guaranty, Diamond,Access, Zenith and First Bank and the total volume of 89.55 million units valued at N846.13 million traded in five stocks accounted for 50.68% of the entire market volume and their value represented 59.30% of the market’s value.
Transaction volume on the exchange moved down by -11.67% to close at 176.69 million units exchanged in 3,918 deals as against a decline by -53.87% recorded in the previous trading to close at 200.02 million units exchanged in 3,489 deals.
Also, market value depreciated by -26.23% to close at N1.42 billion (US$9.50 million) as against depreciation by -5.28% recorded in the previous trading session to close at N1.93 billion (US$12.88 million).
Sectoral Performance (According to New Market Segmentation)
Financial Services sector led the market sectoral performance with 133.17 million units of shares traded in 2,269 trades within the sector, followed by Oil & Gas sector to come second on the chart with 15.03 million units traded in 387 trades while Conglomerates sector recorded 11.56 million units in 98 trades to close with third position on the chart. See the full table below
Market Outlook by Classification
At the end of today's session, it was observed that Medium Cap stocks according to new market segmentation topped today's market activity with 42.08% contribution to market turnover, followed by Large Cap stocks with 31.31% while Small Cap stocks stake 26.62% to come last on the chart.
Among the Large cap stocks, DANGCEM, NB and GUARANTY Plc topped the 7 traded stocks in that class while ETI, IBTC and WAPCO dominated Medium Cap of 20 traded stocks. Similarly, DANGFLOUR, GLAXOSMITH and ASHAKACEM led 63 traded stocks in the Small Cap category in that order. See table below
SECTORAL REVIEW The Agriculture sector closed with two losers as against one gainer to two losers recorded in the previous session. OKOMUOIL closed with -4.81% after today’s trading session.
The Conglomerates sector closed with two gainers as against one gainer to one loser recorded in the previous session. UACN closed by +4.99% after today’s trading session.
The Construction/Real Estate sector closed with two gainers as against no price movement recorded in the previous session. UAC-PROP closed positive by 5.00% after today’s trading session.
The Consumer Goods sector closed with one gainer to four losers compared with two gainers to four losers recorded in previous session. CADBURY moved northwards by 1.38% DANGFLOUR moved a southward by 2.61% after today’s trading session.
The Financial Services sector closed with four gainers to eleven losers compare with nine gainers to six losers recorded in the previous session.UBN moved up by +4.67% while PRESTIGE moved down by -3.85% after today’s trading session.
The Healthcare sector closed with two gainers compared with one gainer to three losers recorded in previous session. GLAXOSMITH closed positive with 4.99% after today’s trading session.
The Information & Communication Technology sector closed with no price movement the same market outlook recorded in the previous session. All stocks in the sector closed flat after today’s trading session.
The Industrial Goods sector closed with two gainers to two losers as against one gainer to three losers recorded in previous session. CAP closed by +5.00% while ASHAKACEM closed by -4.91% after today’s trading session.
The Natural Resources sector closed with no price movement the same market posture recorded in previous session. All stocks in the sector closed flat after today’s trading session.
The Oil & Gas sector closed with one gainer to two losers the same market posture recorded in previous session. ETERNAOIL closed by +4.75% while JAPAULOIL closed by -1.85% after today’s trading session.
The Services sector closed with one gainer to one loser as against one gainer to three losers recorded in the previous session. REDSTAREX closed positive by 4.55% while RTBRISCOE closed negative by 4.76% after today’s trading session.
Further analysis on Acquiring Banks since transaction date showed that the share price of Access Bank Plc has recorded 21.21% gain, followed by FCMB with 10.77% while Union Bank Plc leads the chart with 28.71% gain. However, Sterling Bank recorded -9.45% loss while ETI recorded +1.97% gain. See the tracking table below.