The Nigerian Equities Market All Share Index (NSEASI) depreciated on three (3) out of the four (4) trading days of the week, shedding 1.77% Week-on-Week (WoW) to push the YtD return to -2.82%. The market breadth (0.58x) signaled the general mood in the market, as thirty-six (36) stocks depreciated in value as against twenty-one (21) advancers in the week. The volume and value of transactions declined by 27.35% and 31.67% WoW respectively, partly due to reduced number of trading days during last week’s one-day public holiday to mark Nigeria’s independence anniversary.
The gainers’ chart was led by 7UP, FCMB, CHAMPION, UCAP and FIDELITYBK after the respective tickers recorded gains of 13.67%, 8.41%, 8.37%, 7.26% and 6.82%. Conversely, the underperformers table featured WAPCO, WEMABANK, CAVERTON, PZ and GUINNESS with declines in value of 13.87%, 12.50%, 11.84%, 9.95%, and 9.74% respectively.
During the week, United Capital Plc. (UCAP) released its unaudited Q3:2016 financial scorecard, which showed increases in Gross Earnings, PBT and PAT of 39.16%, 65.30% and 65.95% YoY respectively.
Similarly, Infinity Trust Mortgage PLC. (INFINITY) released its Q3:2016 results which showed an increase of 4.78% in Gross Earnings, a decline in PBT of 6.78% and an advancement in PAT of 0.80%.
Also, PZ Cussons Nigeria Plc. released its Q1:2017 results, recording increase in Revenue of 12.04% and declines in PBT and PAT of -544.62% and -470.63% respectively.
According to analysts from Lagos-based Meristem Securities Limited, although there were mixed market reactions during last week, the market mood showed more bearish sentiments on the backdrop of profit taking activities on stocks which had previously rallied, as well as loss minimization on the currently pressured stocks.