090812: After 3days, NSE ASI turns green by margin on mixed sentiments
Category: Daily & Weekly Market Updates
Nigerian equities escaped another fall by a margin to halt three days losing trend as market seesawed considerably due to increased speculative trading observed throughout the volatile session while the key benchmark indices leverage on the last minute rally to close above the line.
Market reclaimed it breadth on a strong note, taking boost from impressive patronage witnessed towards penny and small CAP stocks across board while breadth closed with positive divergent- an indication of possible prospects in the coming sessions.
However, the market turnover closed mixed on mixed sentiments while the sustained weight loss of the big CAP stocks contributed to the -8.54% dip in Naira votes against 125.66% uptick in volume traded.
Nevertheless, the All Share Index shed pulled back with a modest gain, taking major supports from Conglomerates, Healthcare, Consumer goods, Industrial Goods and Oil & Gas sectors to outweigh the sustained sell tendency observed in Financial, Constructions, Agriculture and Services sectors.
In the same vein, the market capitalization of 187 first-tier equities depreciated by N3.90 billion as market sentiments turned mixed. 104 equities were traded today as against previous 117 with more activities recorded in Financial Services, Conglomerates, Consumer Goods and Oil & Gas sectors.
Today, all NSE sectoral indices closed negative as NSE 30 which basically measures the performance of blue chips moved northward by 0.09%, NSE Consumer Goods retraced by +0.50% while NSE Banking fell by -0.32%, NSE Oil & Gas pull back by +0.08%, NSE Insurance moved up by +0.08% while the New NSE LII closed uptick by +0.49%.
At the close of trading session, the NSE All-Share Index retraced by +0.05% to close at 23,178.87 as against a dip by -0.96% recorded in the previous session to close at 23,166.58. In the same vein, market capitalization appreciated by N3.90 billion (US$24.43 million) to close at N7.37trillion (US$46.08billion) as against depreciation by N71.68 billion (US$448.00 million) recorded in preceding session to close at N7.37trillion (US$46.08billion).
The number of gainers at the close of trading session closed higher at 29 as against 22 recorded in the previous session while decliners also closed lower at seventeen (17) as against nineteen (19) losers recorded in the previous trading day- suggesting weak breadth.
Today, the following companies presented their results
1. Lasaco Assurance Plc in its Q2 ’12 result recorded negative gross premium growth of -6.3% and negative PAT growth of -69.1%.
2. Cornerstone Insurance Plc in its audited result recorded positive gross premium growth of +6.2% and negative PAT growth of -58.3%.
3. ABC TRANSPORT PLC in its Q1 ‘12 result recorded positive revenue growth of +30.1% and positive PAT growth of +165.8%.
As usual, Financial services sector led the market transaction volume today with 398.83 million units valued at N1.14 billion (US$7.62 million) exchanged in 2,325 deals as against 158.27 million units valued at N1.16 billion (US$7.23 million) exchanged in 2,521 recorded in previous session.
The volume recorded in the sector was driven by transaction in the shares of LAWUNION, ZENITHBANK, ACCESS, FIRSTBANK and SKYEBANK and the total volume of 338.33 million units valued at N 807.46 million traded in five stocks accounted for 78.76% of the entire market volume and their value represented 55.36% of the market’s value.
Transaction volume on the exchange moved surged by 125.66% to close at 429.57 million units exchanged in 3,821 deals as against decline by -40% recorded in the previous trading to close at 190.36 million units exchanged in 3,926 deals.
Also, market value depreciated by -8.54% to close at N1.45 billion (US9.11 million) as against depreciation by -43.06% recorded in the previous trading session to close at N1.59 billion (US9.98 million).
Sectoral Performance (According to New Market Segmentation)
Financial Services sector led the market sectoral performance with 398.83 million units of shares traded in 2,325 trades within the sector, followed by Conglomerates sector to come second on the chart with 11.29 million units traded in 121 trades while Consumer Goods sector recorded 5.73 million units in 632 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 69.54% contribution to market turnover, followed by Medium Cap stocks with 19.41% while Large Cap stocks stake 11.05% to come last on the chart.
Among the Large cap stocks, FIRSTBANK, ZENITHBANK and GUARANTY topped the 7 traded stocks in that class while ACCESS, SKYEBANK and FIDELITYBK dominated Medium Cap of 24 traded stocks. Similarly, LAWUNION, STERLNBANK and CUSTODYINS led 73 traded stocks in the Small Cap category in that order.See table below
The Agriculture sector closed with two losers as against one gainer to two losers recorded in the previous session.
The Conglomerates sector closed with two gainers as against one gainer recorded in the previous session.
The Construction/Real Estate sector closed with one gainer to one loser as against one gainer recorded in the previous session.
The Consumer Goods sector closed with ten gainers to one loser as against three gainers to eight losers recorded in previous session.
The Financial Services sector closed with six gainers to nine losers as against nine gainers to six losers recorded in the previous session.
The Healthcare sector closed with three gainers to one loser compared to two gainers recorded in previous session.
The ICT sector closed flat compared with flat position recorded in previous session.
The Industrial Goods sector closed with two gainers as against one gainer to two losers recorded in previous session.
The Natural Resources sector closed flat as against flat position recorded in previous session.
The Oil & Gas sector closed with three gainers as against one gainer to one loser recorded in previous session.
The Services sector closed with two gainers to three losers as against with three 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 +53.54% gains with FCMB recording -20.77% losseswhile Union Bank Plc leads the chart with +122.49% gains. However, Sterling Bank Plc recorded -11.81% losses while ETI also closed negative with -9.17% loss recorded. See the tracking table below.