TONI, GOTE and NASD Indexes Record Dips In Weekly Performances

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Tuesday, February 11, 2020   /  05.10PM / Adesola Borokinni and Bukunmi Adejobi, Proshare Research, Header Image Credit: EcoGraphics


Last week saw Proshare's Dangote, Toni and NASD Indexes swing bearish as investors stayed uninspired by Q4 results released by companies on the NSE and performance of firms on the NASD. Q1 sentiments of investors have remained pessimistic as no growth-inspiring macroeconomic data is available from the national statistics office (NBS). On a week-on-week (W-o-W) basis equity markets and Indexes have been influenced by traders going short as stock offers exceeded bids.


A W-o-W analysis of the GOTE Index showed that the Index was bearish and declined by -5.46% dropping to 90.21 Index points on 31st January, 2020 from 95.42 index points on 7th February, 2020. The dip in index points was a result of negative changes in three stock prices which constitute the Dangote Index. DANGCEM, DANGSUGAR and NASCON experienced negative growth in their share prices by -5.50%-2.90%-13.33% respectively with NASCON recording the highest decline of -13.33%.


Chart 1: GOTE Index Movement Jan. 31, 2020-Feb. 7, 2020

Proshare Nigeria Pvt. Ltd.

Source: NSE, NASD, Proshare research

 

 

Chart 2: TONI Index Movement Jan. 31, 2020-Feb. 7, 2020

Proshare Nigeria Pvt. Ltd.

Source: NSE, NASD, Proshare research


In the same vein, W-o-W analysis of the Toni Index showed that the Index was bearish and experienced a decline by -2.91% to 92.24 index points on 31st January, 2020 from 95 index points on 7th February, 2020. Unlike the Dangote Index, not all components of Toni Index were bearish but the decline in the Index points was a result of a fall in big-cap stocks within the index. These stocks include: AFRIPRUD, TRANSCOHOT, UBA with negative growth in share prices by -2.17%, -8.99%, -3.13% respectively with TRANSCOHOT recording the highest decline. UBCAP, TRANSCORP recorded positive growth in share prices by +1.19%, +2.06% respectively. 

 

 

Chart 3: NASD Index Movement Jan. 31 2020-Feb. 7, 2020

Proshare Nigeria Pvt. Ltd.

Source: NSE, NASD, Proshare research


The NASD OTC Security Index (NSI) and Market Capitalization closed the trading week on Friday February 07, 2020 with a negative index point movement of -0.10% against the preceding Friday, January 31, 2020. The NSI and Market capitalization closed the week at 697.86 points and N501.73 billion respectively compared to 698.56 points and N502.29 billion respectively in the previous week.


The number of equities traded was 2.48 million units valued at N3.97 million in nine deals compared to 533.13 thousand units valued at N30.95 million in the previous week.


The market's bearish orientation continued in the present week as analysts and traders remain anxious about the GDP growth rate, fall in international oil prices and the rise in domestic tax rates. A combination of factors that could likely slow the GDP growth rate down from the 2.28% recorded in Q 4 2019. 



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 Proshare Nigeria Pvt. Ltd.

 

 

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