Bearish sentiments pervaded the equities market last week, as the Nigerian Stock Exchange All Share Index (NSEASI) declined by 1.15% WoW, to peg the YtD return at -5.80%. The market closed negative on four (4) out of the five (5) trading days of the week. However, volume traded and value of transactions advanced by 2.29% and 12.45% WoW respectively. Market breadth (0.63x) skewed in favour of decliners, with twenty-four (24) stocks advancing against thirty-eight (38) decliners in the week.
Learn Africa led the outperformers table, after appreciating by 23.44% to close its share price at NGN0.79. Airservice (+15.45%), Okomu Oil (+14.63%), MRS (+13.78%), and Dangote Flour (+11.68%) followed accordingly. Conversely, Oando led the underperformers with a price decline of 16.73% WoW to close at NGN4.33. The ticker was closely trailed by UPL (-15.07%), UAC–Properties (-13.85%), Ashaka Cement (-9.71%), and Sterling Bank (-8.79%) in that order.
Q3:2016 earnings releases flooded the market on Monday, being the deadline for result submission by listed companies. The results were mixed across board, thus generating varied reactions from investors.
Continuing from this week, analysts expect the current market mood to persist in the absence of positive newsflow to sway investors’ sentiments. Therefore, they advise value seeking investors to trade with caution.