Daily Financial Market Report for November 29, 2018
Dear Client/Reader,
The Bears Continue Dominance…as ASI Breaks 31,000 Support Level
The Nigerian equities market (NSE) extended its losses to five consecutive days as negative sentiments dominated trading activities. The bench mark – All Share Index (ASI) broke the 31,000 support level to decline by 1.33% and close at 30,611.55 points. Market Capitalization lost N150.38 billion to close at N11.18 trillion while the Year-to-Date (YtD) returns weakened to -19.96%.
Sectors performance was broadly bearish
Performance across sectors was broadly bearish save for the Insurance and Consumer goods indices which appreciated by 3.09% and 0.05% respectively due to gains in Continsure (6.95%) and Mansard (6.32%); NB (0.51%). On the flip side, the Industrial and banking indices recorded the largest losses as they declined by 2.14% and 1.79% respectively arising from sell offs in Dangcem (-2.63%) and Wapco (-2.25%); Guaranty (-3.65%) and Zenith (-1.08%). Similarly, loss in Oando (-1.08%) contracted the Oil & gas (-0.05%) sector.
Market activity measured by aggregate volume improved by 100% while value also advanced by 64%. Investors traded a total of 442 million units of shares valued at ₦4.46 billion in 3,648 deals.
NASD Market
The NASD market again closed bearish to lose 5.21% in two days, following the bearish path of the listed stocks. The Unlisted Securities Index (USI) depreciated by 2.67% to close at 698.00 points. Market capitalization also lost 2.67% to settle at N485.13 billion. Market activity measured by aggregate volume declined by 87% while value also decreased by 48%. Investors traded a total of 73,476 units of shares valued at N11 million in 7 deals.
Please find attached our daily market report for today, November 29, 2018.
