Daily Financial Market Report for November 30, 2018
Dear Client/Reader,
Nigerian Bourse Halts Downtrend To End The Month In Green
The Nigerian equities market (NSE) rebounded to close the week in green as the bulls resurfaced in the market. The bench mark – All Share Index (ASI) appreciated by 0.86% to close at 32,058.28 points. Market Capitalization advanced by N96 billion to close at N11.27 trillion while the Year-to-Date (YtD) returns settled at -19.27%.
Sectors performance was broadly bullish
Performance across sectors was broadly bullish save for the Insurance index which depreciated by 0.71% due to sell offs in the shares of NEM (-2.08%) and Custodian (-7.55%). Conversely, the Banking and Oil & gas sector indices recorded the highest gains as they appreciated by 1.53% and 1.52% respectively due to positive sentiments in the shares of UBA (6.38%) and Zenith (0.87%); 11 Plc (9.38%) and Forte Oil (1.98%). Likewise, the Industrial and Consumer goods sectors also went up by 0.14% and 0.90% respectively due to gains recorded in Dangcem (1.03%); NB (4.03%) and Honyflour (1.85%).
Market activity measured by aggregate volume decreased by 44% while value went down by 46%. Investors traded a total of 249 million units of shares valued at ₦2.39 billion in 2,909 deals.
Market Synopsis for the week
Nigeria’s stock market recorded its third consecutive weekly loss as investors maintained their negative sentiments on market bellwethers. The nation’s bourse had a broadly bearish performance as it closed negative in four of the five trading sessions. However, gains recorded on the last trading day (+0.86%) on the back of bargain hunting in some high cap stocks in the Oil & gas and banking sectors moderated the massive losses recorded in other trading days. Overall, the All Share Index (ASI) depreciated by 2.54% week-on-week, while the year-to-date returns dipped further to -19.27%.
Please find attached our daily market report for today, November 30, 2018.
