NSE ASI Open Week in Green Supported by Consumer, Industrial Goods Tickers

August 7, 2017/InvestmentOne Research

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  • The benchmark NSE-ASI opened the week on a positive note with a gain of +0.27%, supported largely by buying interest in heavy weight Consumer as well as Industrial  tickers. The index YTD return stands at 39.63% while market capitalisation rose to c.N12.93trillion.
  • Buying interest in NB (+123.51pts), NESTLE (+77.49pts) and WAPCO (+14.59pts) was largely responsible for today’s gain, offsetting the decline in DANGCEM (-60.00pts), STANBIC (-13.97pts) and UBA (-13.73pts).
  • CCNN (+10.16%) led the list of 23 gainers while MANSARD (-4.61%) topped the list of 28 laggards. As such, market breadth index closed negative.
  • Activity level declined compared to previous session as volume and value turnover came in lower by -51% and -8% to 254m units of stocks valued at c.N5.79bn. ACCESS topped the volume chart with over 43m units of stocks traded while NB led the value chart with c.N2.19bn worth of trades.
  • Performance of major sectoral indices was mixed as gains in Consumer (+2.18%) and Industrial (+0.59%) were countered by decline in Banking (-0.20%) and Oil & Gas (-0.18%).
  • In subsequent session, we expect the ASI performance to continue to see support from expectation of positive Q2 2017 earnings scorecards from Tier 1 banking players as well as potential for corporate action announcement.


§  At the IEFX window the NGN shed -0.26% to N367.38 against the USD, -0.67% to N475.38 against the GBP and -1.15% to N430.24 against the EUR.

  • The NGN also deprecated at the parallel market today, falling -0.27% to N366 against the USD, -0.21% to N476 against the GBP and -0.93% to N428 against the EUR.
  • Going forward, we are likely to see the CBN maintain its FX sales which should be supportive of the local currency.


  • The CBN maintained its tight monetary policy stance selling OMO bills worth N121.8m and c.N34.3bn at 17.95% and 18.55% stop rates respectively.  Consequently, money market rates inched up. The Overnight and Open-buy-back rates advanced by +500bps and +467bps to close at 27.50% and 26.67% respectively. As at time of writing, NIBOR rates were yet to be published.
  • We expect upward bias on rates in subsequent session as system liquidity would remain constrained by OMO bills sales.
  • At the bond market, the yields on the 5yr, 7yr and 10yr benchmark bonds remained unchanged at 16.19%, 16.30% and 16.29% respectively. This may not be unconnected with the CBN’s continued squeeze on system liquidity. However, the yield on the June 2019 bond declined by 4bps to 16.79% at close.
  • In the coming sessions, we expect market activity to be influenced by liquidity levels.

Below are key NSE statistics as at the end of trades:



Mkt Cap (N’tr)




Vol. Traded (m)


Day Change


Vol. Day Chng.


WTD Return


Val. Traded (N’bn)


MTD Return


Val. Day Chng.


YTD Return


No. of Deals


YTD High


No. of Gainers




No. of Losers


52wk High


Top Sub Sect. (by Vol.)

BNK (67%)

52wk Low


Top Sub Sect. (by Val.)

BNK (45%)