NSE: Trading remains subdued as value volume go different directions

EQUITY transactions on the Nigerian Stock Exchange closed on a downward note on Tuesday as   major blue-chip companies, resulting to a further slide in market capitalisation by N10billion.

The trading mood remained subdued as the index shed 9bps with volume and value of transactions going in different directions.

Volume was up by 93.66% while value declined by 3.83%. Leading the volume cart is UNITYBNK, GUARANTY and ZENITHBANK which traded 53million, 36million and 35million units respectively.

Specifically, at closed of trading yesterday, market capitalisation went down by 0.09 per cent to N11. 484 trillion from N11.494 trillion recorded on Monday.  Also the NSE All Share Index (ASI) decreased by 32.64 basis points to 36056.02 from 36088.64 recorded the previous day.

Volume of shares traded also dropped marginally, as investors traded 251.310 million shares worth N2.944 billion in 4719 deals against 261.320 million units valued at N1.520 billion exchanged in 4616 deals by investors on Monday.

On the price movement chart, UPL,  ABCTRANS, VONO  and THOMASWY led gainer’s chart rising by 10.00%, 9.21%, 8.54%, 8.33% respectively, while UNITYBNK,  JOHNHOLT,  UTC and  TOTAL  led the loser’s chart declining by 10.94%, 9.45%, 9.09% , 9.04% in that order. 24 stock appreciated against 20 stocks that lost leaving the market breadth at 0.59x compared to that of previous day which was 1.2x .

NSEBNK10 gained 16bps owing to gains by GUARANTY and FIDELITYBK, while ZENITH and ACCESS closed flat. Also, the MERI-AGRI Index advanced by 32bps driven by the 59bps gain of OKOMUOIL. MERI-HLTH Index also appreciated by 769bps as FIDSON, GLAXOSMITH, MAYBAKER appreciated by 2.11%, 7.81%, 7.84% respectively.

While the market has lost 0.37% week to date, it is expected that the market would close marginally positive in the week as Investors ride on defensive stock in expectation of Q3 result.

On the money market side, 2M and 3M T-bills yields declined by 0.68% and 0.76% respectively while 1M and 6M tenor traded flat (1M: 0.00%, 6M: -0.01%).

Average T-bills yield settled at 11.46%., The CBN is expected to auction T-bills on the 25th of September for different tenors including NGN31.84b in 91-day, NGN33.78b in 182-day and NGN59.08b in 364-day instruments; we recommend stop rates of 10.50%, 11.70% and 12.70% respectively for the instruments.