NSEASI Closes Negative as Market Cap Stands at N15.07 Trillion

February 19, 2018/InvestmentOne Research

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·         The NSE-ASI shed -1.53% to close at 41,988.18pts today, bringing market capitalization to N15.07 trillion.

·         The downward pressure in the market today was largely driven by the sell-off in; DANGCEM (-408pts), NESTLE (-128pts), ZENITHBANK (-61pts), FBNH (-60pts) and NB (-46pts), which outweighed the gains in GUARANTY (+52pts) and INTBREW(+29pts)

·         Consumer Goods (-1.62%) and Industrial (-1.48%) printed in the red today. While Banking (+0.01%) was somewhat flat, Oil & Gas was flat in today’s trading session.

·         Market breadth index ended negative (-0.18x) with 32 stocks declining against 16 stocks that gained. LINKASSURE (+9.09%) was the top gainer while PZ (-8.00%) had the worst performance..

·         Market activity declined today as total volume and value fell by c. -65% and c. -72% respectively, as investors exchanged 287million units of shares worth N2.29billion. The most actively traded stock was SKYEBANK with c.58million units of shares worth c.N63m.

·         Going forward, we expect the market to trade sideways as investors continue to take positions in this earnings season. Despite the sell-off we saw in the market recently, we believe this may present entry opportunities into our quality names for investors with a medium to longer term horizon.


·         At the IEFX window, the NGN gained +0.15% and +0.21% against GBP and EUR respectively to close at N503.58 and N446.18, while it gained meagre +0.02% against the USD to close at N360.28.

·         The NGN closed flat at N363/USD but shed -0.04% and -0.68% against the GBP and EUR to close at N502 and N445 respectively in the parallel market.

·         In the near term, we expect CBN’s intervention sales to continue to support the Naira in the FX market.  


·         The Overnight and Open Buy Back rates jumped from 19.50% and 18.17% to 25.17% and 26.67% respectively. Money market rates increased today despite the fact that CBN did not sell the N60bn offered at today’s OMO auction.

·         Similarly, NIBOR rates increased today as 1-month, 3-month and 6-month rose by +24bps, +90bps and +20bps to close at 15.36%, 15.95% and 17.88% respectively.

·         The bond market was bearish today as yields increased across most tenors. While the yields on the 5-yr and 7-yr benchmark bonds increased by +10bps and +9bps to close at 13.58% and 13.68% respectively, the yield on the 10-yr benchmark bond closed flat at 13.71%.

·         In the near term, we expect market activity to be influenced by foreign investor participation and liquidity levels with N56billion worth of OMO bills maturing on Thursday.

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 (66%)

52wk Low


Top Sub Sect. (by Val.)

BNK (48%)