Last week, negative sentiments prevailed in the Nigerian equities market, bringing the Week-on-Week return to –0.95%. The market recorded declines in four (4) out of five (5) trading days of the week, to settle the Year-to-date return at -3.65%. Sixteen (16) stocks appreciated, as against thirty-nine (39) decliners, representing a market breadth of 0.41x. Volume and value of transactions declined by 41.98% and 17.23% respectively.

CAVERTON, again, led the gainer’s chart this week, after appreciating by 13.16% WoW to settle it’s share price at NGN0.86. The counter was trailed by NEM (+5.00%), NEIMETH (+4.88%), WEMABANK (+4.84%) and BETAGLAS (+3.33%). Contrarily, CADBURY (-16.21%), GLAXOSMITH (- 14.91%), AGLEVENTIS (-12.90%), FO (-12.28%), and NAHCO (-11.52%) topped the laggard’s table.

During the week some companies posted their Q3:2016 performance scorecards, showing mixed result performances on the average. CADBURY, GUARANTY, TRANSCOHOT and WEMABANK were among the companies that released results during the week.

Also in the week, ExxonMobil Oil Corporation agreed, subject to regulatory approvals, to sell all its shares (60%) in Mobil Oil Nigeria PLC to Nipco Investments Limited, a wholly-owned subsidiary of Nipco Plc. Following this transaction, Nipco Plc. will now hold 65.5% of Mobil Oil Nigeria shares.

Given the impressive results released by Guaranty and UBA, analysts expect investors’ sentiments to skew towards banking sector stocks in anticipation of more compelling Q3:2016 results.


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