The Nigerian Equities Market resumed the week on a negative note, as Nigerian Stock Exchange All Shares Index (NSEASI) contracted by 0.08%, bringing the Year-to-Date return to –3.73%. Contrarily, Volume and value of transactions advanced by 42.64% and 61.76% respectively. There were eleven (11) gainers as against twenty (20) decliners, indicating a market breadth of 0.55x.

CAVERTON (+4.65%), VITAFOAM (+2.33%), WAPIC (+2.00%), FCMB (+1.80%), and ZENITHBANK (+1.69%) led the gainers in the day, while CADBURY (-9.52%), WEMABANK (-6.15%), UBN (-5.26%), AIICO (-4.92%), and NEM (-4.76%) were the top laggards in the day.

A couple of companies released their Q3:2016 scorecards today, which had mixed impact on the market. ZENITHBANK (Gross Earnings, PBT and PAT: +12.91%, +16.55%, +20.44%), CAP (Revenue, PBT and PAT: -7.61%, -11.99%,-11.99%) and NEM (Gross Premium Earned, PBT and PAT: +7.12%, -40.70%, -40.70%), were a few of the results seen.

Market performance, as measured by the NSE Indices, signaled weak performances across most sectors with NSEIND (+0.37%) being the only sector that advanced, while NSEOILG5, NSEINS10, NSEBNK10, and NSEFBT10 declined by 0.59%, 0.29%, 0.25% and 0.02% accordingly.

Analysts attribute yesterday’s weak performance to investors’ reaction to the poor results released, coupled with heightened skepticism ahead of subsequent releases. For the rest of the week, we expect the Q3:2016 results to sway market sentiments.


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