260412: All-Share Index closes above 22,000 psychological line as rally continues

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260412: All-Share Index closes above 22,000 psychological line as rally continues

Profitable transactions continue to permeate the Nigerian bourse as market sustained uptrend to further extend the rally to its eight sessions in a row while the key market indicator, NSE ASI, closed above 22,000 psychological line as envisaged in our previous report.

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

In the same vein, the market capitalization of 187 first-tier equities appreciated by N44.50 billion as market sentiments remained positive. 84 equities were traded today as against previous 102 with more activities recorded in Financial Services, Consumer Goods, Oil & Gas, Conglomerates, Services, Industrial Goods, Agriculture, Healthcare and ICT sectors.

Today, all five NSE sectoral indices closed positive as NSE 30 which basically measures the performance of blue chips sustained uptrend by +0.65%, NSE Insurance also closed upbeat by +0.46% while NSE Oil & Gas recorded the highest gain by +3.90% with NSE banking recording +1.73% gain while NSE Food also recorded +0.20% gain.

At the close of trading session, the NSE All-Share Index inches up by +0.64% to close at 22,109.76 as against an upbeat by +0.34% recorded in the previous session to close at 21,970.21. In the same vein, market capitalization appreciated by N44.50billion (US$296.59 million) to close at N7.05trillion (US$46.99billion) as against appreciation by N23.85billion (US$158.97 million) recorded in preceding session to close at N7.00trillion (US$46.69billion).

The number of gainers at the close of trading session closed higher at 31 as against 28 recorded in the previous session while decliners closed lower at ten (10) as against fourteen (14) losers recorded in the previous trading day – suggesting a positive market breadth.

Today, the following companies presented their results

1. Unity Bank Plc: in its Q1 2012 result recorded negative turnover growth of -75% and negative PAT growth of -69.5%.

2. Transnationwide Express Plc: in its Q1 2012 result recorded positive turnover growth of +21.1% and positive PAT growth of +31.8%.

3. RT Briscoe Plc: in its Audited 2011 result recorded positive turnover growth of +29.6% and positive PAT growth of +42.1%. The company rewards investors with 10k div and 1 for 5 bonus. The closure date is 16^th May, 2012 while its AGM will hold on 28^th June, 2012 at Eko Hotel V/I, Lagos at 11am.

As usual, Financial Services sector led the market transaction volume today with 279.62 million units valued at N2.59 billion (US$17.32 million) exchanged in 2,758 deals as against 239.66 million units valued at N1.95 billion (US$13.02 million) exchanged in 2,618 deals recorded in previous session.

The volume recorded in the sector was driven by transaction in the shares of ZENITHBANK, FIRSTBANK, GUARANTY, UBA and IBTC Plc and the total volume of 197.04 million units valued at N2.31 billion traded in five stocks accounted for 61.66% of the entire market volume and their value represented 71.87% of the market’s value.

Transaction volume on the exchange moved UP by +3.82% to close at 319.57 million units exchanged in 4,380 deals as against a decline by -30.00% recorded in the previous trading to close at 307.82 million units exchanged in 4,476 deals.

Also, market value appreciated by +6.10% to close at N3.21 billion (US$21.45 million) as against depreciation by -22.62% recorded in the previous trading session to close at N3.03 billion (US$20.22 million).

Sectoral Performance (According to New Market Segmentation)

Financial Services sector led the market sectoral performance with 279.62 million units of shares traded in 2,758 trades within the sector, followed by Consumer Goods sector to come second on the chart with 15.61 million units traded in 806 trades while Oil & Gas sector recorded 7.91 million units in 325 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 Large Cap stocks according to new market segmentation topped today's market activity with 49.61% contribution to market turnover, followed by Medium Cap stocks with 34.68% while Small Cap stocks stake 15.70% 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 loser and two unchanged prices as against three gainers recorded in the previous session. Livestock Feeds Plc closed with -4.67% loss after today’s trading session.

The Conglomerates sector closed with one gainer and two unchanged prices as against one loser and three unchanged prices recorded in the previous session. UAC of Nigeria Plc closed with +1.78% gain after today’s trading session.

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

The Consumer Goods sector closed with four gainers to three losers as against eight gainers to two losers recorded in previous session. PZ Plc moved northwards by +5.00% while Flour Mills Plc Plc moved southwards by -2.39% after today’s trading session.

The Financial Services sector closed with ten gainers to three losers as against seven gainers to five losers recorded in the previous session. UBA Plc moved up by +4.94% while Law Union & Rock Insurance Plc moved down by -1.96% after today’s trading session.

The Healthcare sector closed with two gainers to one loser compared to no price movement recorded in previous session.

The Information & Communication Technology sector closed with one gainer to one unchanged price as against one gainer to four unchanged prices recorded in the previous session.

The Industrial Goods sector closed with three gainers to one loser as against three gainers to three losers recorded in previous session. Ashaka Cement Plc closed positive by +4.96% while Portland Paints Plc closed negative with -4.76% 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 six gainers to two unchanged prices as against two gainers to one loser recorded in previous session. Mobil Oil and Total Plc both closed positive by +5.00% and +4.99% respectively after today’s trading session.

The Services sector closed with three gainers to one loser as against one gainer to two losers recorded in the previous session. RT Briscoe Plc closed positive by +4.76% while Ikeja Hotel Plc closed negative with -1.64% after today’s trading session.

Further analysis on Acquiring Banks since transaction date showed that the share price of Access Bank Plc has recorded 21.01% gain, followed by FCMB with 41.03% while Union Bank Plc leads the chart with 100.96% gain. However, Sterling Bank and ETI Plc both recorded -5.51% loss and +1.11% gain respectively. See the tracking table below.

Acquiring Banks