240412: NSE ASI inches up by +0.35% as rally continues

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240412: NSE ASI inches up by +0.35% as rally continues

The bulls continue to dominate market activities to further extend its gaining streak as the rally witnessed on the main board enters its sixth day due to continuous bargain activities while market breadth improved significantly as against previous outlook amid slightly improved market turnover.

Nevertheless, the key benchmark indices sustained uptrend as sentiments remained unchanged, taking supports majorly from Small CAP stocks which was particularly driven by ASHAKACEM while Medium CAP stocks also contributed to the outlook recorded today due to continuous bargain activities witnessed in Consumer Goods, Financial Services and Oil & Gas sectors.

In the same vein, the market capitalization of 187 first-tier equities appreciated by N37.01 billion as market sentiments remained unchanged. 84 equities were traded today as against previous 100 with more activities recorded in Financial Services, Oil & Gas, Consumer Goods, Services, Industrial Goods, Conglomerates, Agriculture, Healthcare, Construction/Real Estate, Natural Resources and ICT sectors.

Today, three out of the five NSE sectoral indices closed positive as NSE 30 which basically measures the performance of blue chips maintained uptrend by +0.20%, NSE Insurance closed negative by -0.36% while NSE Oil & Gas closed upwards by +2.65% with NSE banking recorded the highest loss by -0.57% while NSE Food recorded +0.32% gain.

At the close of trading session, the NSE All-Share Index inches up by +0.53% to close at 21,895.41 as against an upbeat by +0.10% recorded in the previous session to close at 21,779.33. In the same vein, market capitalization appreciated by N37.01billion (US$246.70 million) to close at N6.98trillion (US$46.53billion) as against appreciation by N7.28billion (US$48.52 million) recorded in preceding session to close at N6.94trillion (US$46.28billion).

The number of gainers at the close of trading session closed higher at 29 as against 13 recorded in the previous session while decliners closed lower at thirteen (13) as against twenty-three (23) losers recorded in the previous trading day – suggesting a positive market breadth.

Today, the following company presented its result

1. Consolidated Hallmark Insurance Plc: in its Audited 2012 result recorded positive turnover growth of +36.1% and positive PAT growth of +31.6%.

As usual, Financial Services sector led the market transaction volume today with 404.38 million units valued at N3.11 billion (US$20.73 million) exchanged in 3,353 deals as against 373.59 million units valued at N2.64 billion (US$17.65 million) exchanged in 2,881 deals recorded in previous session.

The volume recorded in the sector was driven by transaction in the shares of UBA, ZENITHBANK, FIRSTBANK, FCMB and GUARANTY Plc and the total volume of 323.65 million units valued at N2.85 billion traded in five stocks accounted for 73.61% of the entire market volume and their value represented 72.77% of the market’s value.

Transaction volume on the exchange moved up by +1.04% to close at 439.71 million units exchanged in 5,052 deals as against a decline by -28.40% recorded in the previous trading to close at 435.20 million units exchanged in 4,461 deals.

Also, market value appreciated by +15.98% to close at N3.92 billion (US$26.12 million) as against depreciation by -39.40% recorded in the previous trading session to close at N3.38 billion (US$22.52 million).

Sectoral Performance (According to New Market Segmentation)
Financial Services sector led the market sectoral performance with 404.38 million units of shares traded in 3,353 trades within the sector, followed by Oil & Gas sector to come second on the chart with 12.56 million units traded in 397 trades while Consumer Goods sector recorded 11.08 million units in 753 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 48.46% contribution to market turnover, followed by Large Cap stocks with 39.20% while Small Cap stocks stake 12.34% 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 21 traded stocks. Similarly, DANGFLOUR, GLAXOSMITH and ASHAKACEM led 56 traded stocks in the Small Cap category in that order. See table below

SECTORAL REVIEW

The Agriculture sector closed with one gainer to two unchanged prices as against one gainer to one loser recorded in the previous session. Livestock Feeds Plc closed with +4.08% gain after today’s trading session.

The Conglomerates sector closed with one gainer and two unchanged prices as against two loser and two unchanged prices recorded in the previous session. Transcorp Plc closed with +3.92% gain after today’s trading session.

The Construction/Real Estate sector closed with one gainer to one unchanged price as against no price movement recorded in the previous session.

The Consumer Goods sector closed with seven gainers to two losers as against four gainers to four losers recorded in previous session. Cadbury moved northwards by +4.97% while PZ Plc moved southwards by -2.97% after today’s trading session.

The Financial Services sector closed with seven gainers to nine losers as against four gainers to nine losers recorded in the previous session. UBA moved up by +4.75% while Fidelity Bank Plc moved down by -3.18% after today’s trading session.

The Healthcare sector closed with one no price movement compared to one loser to five unchanged prices recorded in previous session.

The Information & Communication Technology sector closed with no price movement as against one gainer to one unchanged price recorded in the previous session.

The Industrial Goods sector closed with three gainers to one loser as against one loser to seven unchanged prices recorded in previous session. Ashaka Cement Plc closed positive by +4.99% while Portland Paints Plc closed negative with -4.97% after today’s trading session.

The Natural Resources sector closed with no price movement as against no price movement recorded in previous session. All stocks in the sector closed flat after today’s trading session.

The Oil & Gas sector closed with five gainers to one loser as against one loser to six unchanged prices recorded in previous session. Mobil Oil Plc closed positive by +5.00% while Eterna Oil Plc closed negative with -2.23% after today’s trading session.

The Services sector closed with three gainers to two losers as against two gainers to three losers recorded in the previous session. Red Star Express Plc closed positive by +3.78% while University Press Plc closed negative with -1.43% after today’s trading session.

Further analysis on Acquiring Banks since transaction date showed that the share price of Access Bank Plc has recorded 17.17% gain, followed by FCMB with 28.72% while Union Bank Plc leads the chart with 96.17% gain. However, Sterling Bank and ETI Plc both recorded -11.81% loss and +1.54% gain respectively. See the tracking table below.

Acquiring Banks