Equities market drops by 0.23%

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Equities market of The Nigerian Stock Exchange All-Share Index (NSE -ASI) depreciated by 0.23 per cent to close on Friday at 26,981.60 basis points compared to 27,044.36 basis points it closed on Thursday.

Consequently, market capitalisation dropped by N1billion to N9.288 trillion from N9.289 trillion it opened.

Profit taking in Guaranty Trust Bank Plc and Zenith Bank dragged the NSE-ASI ended the last trading session of the week negative.

Market on Friday was also driven by the declines in Seplat Petroleum, Nigerian Breweries and Total Nigeria Plc.

The NSE Industrial Index appreciated by 3.99 per cent from 1,868.41 basis points to 1,898.89 basis points and NSE Consumer Goods Index also gained 0.41 per cent to 727 basis points from 724.06 basis points.

The Banking and Oil & Gas decreased by 2.20per cent and 2.90per cent to close on Friday at 260.83 basis points and 311.11 basis points respectively.

Furthermore, market breadth index was negative at -0.13x as seven shares gained relative to 18 shares that closed negative.

Seplat Petroleum Development Company led the days declining stocks with a depreciation of five per cent to close at N315.9 and N361 per share respectively, while UPL Plc followed with a loss of 4.89 per cent to close at N3.89 per share.

On the other hand, Wapco Plc grew by 10.20 per cent to close at N54.88 per share, Airservice Plc added 8.55 per cent to close at N2.54 per share, and Africa Prudential Registrars Plc increased by 4.84 per cent to close at N2.60 per share.

Transactions in the shares of Sterling Bank Plc topped the activity chart with 33.7 million shares valued at N27.6 million. Zenith Bank Plc followed, having traded 24.2 million shares worth N359.4 million, while FBN Holdings Plc came third having traded 20.2 million shares valued at N61.7 million.

Analysts said, “we are likely to see the equities market remain bearish as a result of the less than inspiring Q3 2016 results and the weak macro-economic environment.”

Nationaljournal analyzing   the foreign exchange market, Naira depreciated by -7.34 per cent against the USD to end the week at N328.90 at the interbank market. It equally lost 0.16per cent against the GBP to settle at N395.77, however gained 1.14per cent against the Euro to berth at N349.96.

W/w, the Naira remained unchanged against the Dollar and the Euro at the parallel market, ending the week at N470 and N510 respectively. It however lost N5 against the Pound sterling to close at N570.

Money market rates ended the week at double digit level as the Central Bank of Nigeria (CBN) kept tab on system liquidity during the week.

The 1month NIBOR rate closed at 17per cent level shedding 32basis points at the end of today’s session while the 3month and the 6month NIBOR rates settled at 19.09per cent and 20.18per cent respectively.

In response to the squeeze in system liquidity, the bond market ended the week on a bearish note as yields inched up marginally across tenors.

The yield on the 5year, the 7year and the 10yearr benchmark bonds expanded by two basis points , 17basis points  and three basis points  to settle at  14.92per cent, 15.28per cent and 15.49per cent respectively.

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