240512 NSE ASI slides further by -0.43% as pessimistic trading continues

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240512 NSE ASI slides further by -0.43% as pessimistic trading continues

Trading activities on the Nigerian bourse closed downbeat for the second consecutive session due to continuous selling activities witnessed on the bourse while the positive market transaction witnessed in the share price of Dangote Cement Plc, market leader by capitalization, could not lift the key benchmark indicator back to the positive territory with market breadth closing further depressed as against previous outlook.

Nevertheless, the key benchmark indices maintained downtrend as sentiments remained red, taking hits majorly from Medium CAP stock which was particularly driven by SKYEBANK while Large CAP stocks also contributed to the outlook recorded today due to continuous selling activities witnessed in Consumer Goods and Financial Services sectors.

In the same vein, the market capitalization of 187 first-tier equities depreciated by N30.680billion as market sentiments remained negative. 97 equities were traded today as against previous 102 with more activities recorded in Financial Services, Consumer Goods, Conglomerates, Oil & Gas, Industrial Goods, Services, Agriculture, Healthcare Construction/Real Estate, ICT and Natural Resources 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 -0.42%, NSE Insurance maintained downtrend by -1.28% while NSE Oil & Gas closed positive by +0.30% with NSE banking recording -0.80% loss while NSE Food also recorded -0.82% loss.

At the close of trading session, the NSE All-Share Index dips by -0.43% to close at 22,218.44 as against a decline by -0.15% recorded in the previous session to close at 22,314.67. In the same vein, market capitalization depreciated by N30.68 billion (US$204.51 million) to close at N7.08 trillion (US$47.22billion) as against appreciation by N10.36 billion (US$69.10 million) recorded in preceding session to close at N7.12 trillion (US$47.48billion).

The number of gainers at the close of trading session closed lower at 10 as against 15 recorded in the previous session while decliners closed higher at twenty-seven (27) as against twenty-six (26) losers recorded in the previous trading day – suggesting a negative market breadth.

Today, the following company presented its result

1. John Holt Plc: in its Audited 2011 result recorded negative turnover growth of -42.2% and negative PAT growth of -15550.0%.

As usual, Financial Services sector led the market transaction volume today with 435.34 million units valued at N1.88 billion (US$12.54 million) exchanged in 2,049 deals as against 263.14 million units valued at N2.40 billion (US16.01 million) exchanged in 3,079 deals recorded in previous session.

The volume recorded in the sector was driven by transaction in the shares of GOLDINSURE, GUARANTY, DIAMONDBNK, FIRSTBANK, and UBA Plc and the total volume of 357.00 million units valued at N1.45 billion traded in five stocks accounted for 73.31% of the entire market volume and their value represented 50.82% of the market’s value.

Transaction volume on the exchange moved up by +42.09% to close at 486.95 million units exchanged in 3,708 deals as against an upbeat by +4.04% recorded in the previous trading to close at 342.71 million units exchanged in 4,647 deals.

Also, market value depreciated by -12.91% to close at N2.86 billion (US$19.08 million) as against depreciation by -11.65% recorded in the previous trading session to close at N3.28 billion (US$21.91 million).

Sectoral Performance (According to New Market Segmentation)

Financial Services sector led the market sectoral performance with 435.34 million units of shares traded in 2,049 trades within the sector, followed by Consumer Goods sector to come second on the chart with 19.28 million units traded in 754 trades while Conglomerates sector recorded 12.17 million units in 117 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 Small Cap stocks according to new market segmentation topped today's market activity with 57.61% contribution to market turnover, followed by Large Cap stocks with 21.77% while Medium Cap stocks stake 20.61% 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 WAPCO, UBA and ACCESS dominated Medium Cap of 23 traded stocks. Similarly, TRANSCORP, GLAXOSMITH and UNITYBNK led 67 traded stocks in the Small Cap category in that order. See table below

SECTORAL REVIEW

The Agriculture sector closed with one gainer as against two losers recorded in the previous session.

The Conglomerates sector closed with two gainers to one loser as against two losers recorded in the previous session. Transcorp Plc closed with +4.88% gains after today’s trading session.

The Construction/Real Estate sector closed with two losers as against one gainer to one loser recorded in the previous session.

The Consumer Goods sector closed with two gainers to six losers as against two losers recorded in previous session. Dangote Sugar Refinery Plc moved northwards by +0.26% while NASCON Plc moved southwards by -4.94% after today’s trading session.

The Financial Services sector closed with one gainer to thirteen losers as against four gainers to eleven losers recorded in the previous session. Custodian & Allied Insurance Plc moved up by +0.58% while Skye Bank Plc moved down by -4.46% loss after today’s trading session.

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

The ICT sector closed with no price movement as against any price movement recorded in the previous session.

The Industrial Goods sector closed with two gainers to one loser as against two losers recorded in previous session.

The Natural Resources sector closed with no price movement as against any price movement recorded in previous session.

The Oil & Gas sector closed with one gainer to one loser as against one gainer to one loser recorded in previous session.

The Services sector closed with one gainer to three losers as against four gainers to one loser recorded in the previous session.

Further analysis on Acquiring Banks since transaction date showed that the share price of Access Bank Plc has recorded 37.98% gain, followed by FCMB with 9.74% while Union Bank Plc leads the chart with 62.20% gain. However, Sterling Bank Plc recorded -5.51% loss while ETI also closed negative with -2.31% loss recorded. See the tracking table below.

Acquiring Banks