Equities trading on the floor of The Nigerian Stock Exchange resumed the week on a bearish note, as the lead activities index- NSEASI dipped by 172Bpts. The heavy slide was largely driven by Dangote Cement that gave up 7.03% of its previous close price. It was a mixed performance among the observed market indices as shown in the index movement table. Meanwhile, the 4 trading days observed so far in the month of March already slashed 295Bpts off the market trading points. This is bearish.
Value loss by the market capitalization of the listed equities during today’s trading activities was N148.846 billion same as 172Bpts below the opening value. Meanwhile, trading activities for the day produced 15 advancers and 20 lagers. NSEASI Year to Date loss is -8.53% while the Market Capitalization Year to Date loss stood at –N739.562 billion same as 8.00% below the year’s opening value.
The management of Access Bank today announced its financial statistics for the year ended December, 31st 2016. As expected, the result stood fairly above the comparable year performance in both top and bottom line. A final cash dividend of N0.40 was proposed in addition to the previously paid N0.25 interim dividend. The qualification date for the said dividend is next week Monday, 13th March, 2017 while both payment and Agm date were both scheduled for 29th March, 2017. Please note that the Agm venue is Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos.
So far, the market had spent more days with the bear since it resumed the earnings season. We have observed that investors’ reactions to the unhealthy state of the nation’s economy far outweigh that of the earnings. On this strength, we maintained our recommendation on cautious play around the market arena.