151012: NSE ASI dips by -0.77% as sell pressure mounts

Proshare

Nigerian Stock Market maintained southwards movement for the second successive session to open the first trading day of the week negative just as sell pressure mounts amid low market turnover while market breadth also closed depressed compared to previous outlook.

Furthermore, the key benchmark indices maintained downtrend, taking hits majorly from Large CAP stocks led by NB and ZENITHBANK while continuous bargain activities witnessed in Oil & Gas, Industrial Goods and Financial Services sectors also contributed to the outlook recorded today.

In the same vein, the market capitalization of 187 first-tier equities depreciated by N66.97 billion as market sentiments remained negative. 101 equities were traded today as against previous 99 with more activities recorded in Financial Services, Consumer Goods, Conglomerates, Industrial Goods and Healthcare sectors.

Today, five NSE sectoral indices closed negative as NSE 30 which basically measures the performance of blue chips maintained downtrend by -0.91%, NSE Food closed with -2.25% loss while NSE Banking went down marginally by -0.04%, NSE Insurance records +0.70% gain while NSE Oil & Gas slipped  again by -0.16%. The New NSE LII moved down by -0.25%.

At the close of trading session, the NSE All-Share Index dipped by -0.77% to close at 27,371.30 as against a decline by -0.30% recorded in the previous session to close at 27,287.85. In the same vein, market capitalization appreciated by N66.97 billion (US$446.35 million) to close at N8.62 trillion (US$57.50 billion) as against depreciation by N26.59 billion (US$177.21 million) recorded in preceding session to close at N8.69 trillion (US$57.94 billion).

The number of gainers at the close of trading session closed flat at 25 as against 25 recorded in the previous session while decliners closed higher at thirty (30) as against eleven (25) losers recorded in the previous trading day – suggesting a negative market breadth.

As usual, Financial sector led the market transaction volume today with 244.37 million units valued at N1.34 billion (US$8.93 million) exchanged in 3,648 deals as against 417.88 million units valued at N2.71 billion (US18.11 million) exchanged in 3,818 deals recorded in previous session.

The volume recorded in the sector was driven by transaction in the shares of UBA, SKYEBANK, FIDELITYBK, DIAMONDBNK and FCMB Plc and the total volume of 158.91 million units valued at 670.23 million traded in the stocks accounted for 45.63% of the entire market volume and their value represented 30.26% of the market’s value.

Transaction volume on the exchange moved down by -32.52% to close at 348.30 million units exchanged in 6,136 deals as against a downtick by -6.56% recorded in the previous trading to close at 516.17 million units exchanged in 6,177 deals.

Also, market value depreciated by -42.94% to close at N2.21 billion (US14.76 million) as against depreciation by -20.16% recorded in the previous trading session to close at N3.88 billion (US25.87 million).

Sectoral Performance (According to New Market Segmentation)
Financial Services
sector led the market sectoral performance with 244.37 million units of shares traded in 3,648 trades within the sector, followed by Consumer Goods sector to come second on the chart with 38.07 million units traded in 1,174 trades while Conglomerates sector recorded 33.81 million units in 200 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 55.36% contribution to market turnover, followed by Large Cap stocks with 24.12% while Small Cap stocks stake 20.52% to come last on the chart.
 
Among the Large cap stocks, DANGCEM, NB and GUARANTY topped the 12 traded stocks in that class while FLOURMILL, UBN and IBTC dominated Medium Cap of 22 traded stocks. Similarly, UNITYBNK, MANSARD and HONYFLOUR led 67 traded stocks in the Small Cap category in that order. See table below



SECTORAL REVIEW
The Agriculture sector closed with one gainer to one loser as against one gainer to one loser recorded in the previous session.

The Conglomerates sector closed with two gainers as against three losers recorded in the previous session.

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

The Consumer Goods sector closed with two gainers to eight losers as against six gainers to four losers recorded in previous session.

The Financial Services sector closed with eleven gainers to nine losers as against seven gainers to ten losers recorded in the previous session.

The Healthcare sector closed with one gainer to three losers compared to three gainers to one loser recorded in previous session.  

The ICT sector closed with one gainer compared with no price movement recorded in previous session.

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

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

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

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

Further analysis on Acquiring Banks since transaction date showed that the share price of Access Bank Plc has recorded +83.84% gains with FCMB recording -7.18% losses while Union Bank Plc leads the chart with +262.20% gains. However, Sterling Bank Plc recorded +73.23% gains while ETI closed positive with +7.46% gains recorded. See the tracking table below.



Acquiring Banks

Earnings Report for Banks

Top Trades

Sectoral Index

Market Outlook by Capitalisation

Top Ten Gainers of the day

Top Ten Losers of the day

Corporate Declaration


analyst@proshareng.com , 00234-1-7624131, October 15th 2012; 16.50hrs 

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