Nigeria’s Stock Performance in 2016 as at July 18

Proshare

Wednesday, July 20, 2016 11:37AM /Proshare Markets

The performance of most stocks on the Nigerian Stock Exchange (NSE) have been negative, as latest analysis revealed unimpressive year to date (YTD) figures. This can largely be attributed to the economic challenges faced in recent times by most companies. In 2016 market outlooks, majority of market analysts predicted a negative return for the NSEASI and current stocks performance seem in line with this predictions.

As at July 18, 2016, the key market indicator, NSEASI recorded +0.32% YTD gain. A review of quarterly market performance shows that the ASI recorded a loss of 11.65% in Q1’16 while a reversal was witnessed in Q2’16, as the index closed Q2 with +16.96% return.

The new FX policy announced on June 15, 2016 by the Central Bank (CBN) was a major booster to market activities in Q2, as the market recorded three straight days of positive returns after the pronouncement.

In terms of monthly performance, market index recorded a significant loss of 16.50% in January 2016, while minimal gains of +2.74% and +2.99% were recorded in the month of February and March 2016, respectively.

Market witnessed a negative return of 1.38% in April as significant improvements were recorded in the month of May and June with +10.38% and +6.99% monthly gain witnessed.



Analysis on market breadth reveals that thirty-five (35) companies has so far recorded positive YTD returns as at July 18, 2016 while sixty-eight (68) recorded negative YTD returns.

TIGERBRANDS and UCAP lead the positives with 271.68% and 97.71% YTD gains while SKYEBANK and PORTPAINT lead the negatives with -58.23% and -50.80% YTD loss respectively.



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