Draining all gained points for the week, the performance index took side with the bearish investors as it moved 62Bpts south. This brought the WtD returns to a loss of 62Bpts; similarly, MtD loss is currently 170Bpts. The market capitalization dipped by N59.236 billion to close at N9.567 trillion. Aside HWC5-Index and NSE-Consumer Goods that added points other observed market indices took side with NSEASI.
Today’s trading activities produced 11 advancers and 27 lagers. NSEASI YtD return is currently -2.75% while the Market Capitalization YtD return stood at –N283.038 billion.
Today’s lost could be linked to the unimpressive financial performance released by Forte Oil. Most investors seem to be preparing for the worse; perhaps traders should prepare for more shocks. Nevertheless, we believed that the nine months numbers will be mixed. We expect low statistics from companies in the manufacturing businesses.
In our opinion, the following sectors may be considered for impressive/good nine months earnings;
Banking sector: Guaranty Trust, Access Bank, Zenith Bank, UBA, UBN are in our consideration list for the quarter
Insurance/ Service companies: AIICO, Continental Re-insurance and other servicing companies such as African Prudentials, UCAP and NPF-Micro Finance.
Agriculture: Presco, Okomu Oil and Airline Services might be considered in this sector.
Volume Index for week’s activity is 1.57 while buy volume and sell volume momentum is estimated at 22% and 78% respectively.