Following yesterday’s negative showing, the equities market plunged further as the NSE All Share Index pared by 0.69%, to settle at 26,036.24pts at the close of the day’s trading.

Sixteen (16) stocks advanced in value as against twenty five (25) decliners, leaving the market breadth at 0.64x. Market capitalization declined by 0.53% to close at NGN9.021tn, while market turnover and volume traded appreciated by 43.37% and 267.93% respectively.

UNILEVER topped the gainers’ chart, gaining 6.29% to close at NGN35.50. The gainers’ list also featured AFRIPRUD (+4.29%), CAVERTON (+4.17%), UNITYBNK (+4.00%) and VITAFOAM (+3.46%). On the flip side, PZ recorded the worst performance, having tumbled by 4.98% to settle at NGN13.54, while OANDO (-4.90%), CONTINSURE (-4.31%), UBA (-4.22%) and GLAXOSMITH (4.06%) trailed accordingly.

Sector performance, as measured by sector indices returns, indicated that all sectors declined save for NSEIND which advanced by 0.59%. NSEFBT10, NSEBNK10, NSEOILG5 and NSEINS10 indices all pared by 1.43%, 1.27%, 1.26% and 0.83% accordingly.

7UP released its Q3:2017 result, which showed that the company recorded a 26.03% growth in revenue, while Profit-Before-Tax and Profit-After-Tax declined significantly by 270.29% and 317.14% YoY respectively. Also, INTBREW posted its Q3:2017 result which showed a 68.52%YoY growth in revenue, while Profit-Before-Tax and Profit-After-Tax waned significantly by 78.35% and 74.46% YoY in that order.

Forte Oil Plc (FO) also released its FY2016 result in the day, which showed that the company recorded a 19.25% year-on-year growth in revenue to NGN148.61bn, while Profit-Before-Tax (-23.85%) and Profit-After-Tax (-50.11%) were recorded at NGN5.34bn and NGN2.89bn accordingly.

Yesterday’s performance was broadly driven by continued profit taking from Tuesday, however, market watchers advise investors to continually assess the market for opportunities to take positions in fundamentally justified stocks ahead of the FY2016 earnings season.


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