NSE Index Sheds 3.12% as Mobil Tops Losers’ Chart With 14.25% Fall
Closing down on all four trading days, the Nigerian equities market rounded off the week in the red zone for the third consecutive week.
The NSE All Share index (NSE ASI) declined by 3.12 percent, settling the YtD return at 32.11 percent, while the market breadth at 0.40x reflects the 21 advancers and 52 laggards in the week.
CUTIX emerged the top outperformer, advancing by 24.38 percent to close at N2.50k. CONTINSURE (+13.95 percent), TOTAL (+13.01 percent), FIDSON (+6.03 percent) and CUSTODYINS (+5.26 percent) also featured on the outperformers’ list for the week.
On the other hand, MOBIL (-14.25 percent), FIRSTALUM (-12.70 percent), CILEASING (-9.91 percent), JBERGER (-9.72 percent) and MORISON (-8.89 percent) recorded the largest price declines.
Fidelity Bank Plc (FIDELITYBK) (H1:2017, Gross earnings: +22.15 percent, PBT: +66.68 percent, PAT: +65.59 percent) and Stanbic IBTC Holdings Plc (STANBIC) (H1:2017, Gross earnings: +36.28 percent, PBT: +86.00 percent, PAT: +113.06 percent) released their half-year scorecards in the week showing impressive growths across board.
STANBIC also proposed an interim dividend of N0.60/share which represents a dividend yield of 1.57 percent based on the closing price of N38.27k on August 31, 2017.
The market’s loss in the week can be largely tied to the profit-taking activities witnessed on certain large-cap counters alongside the paucity of market-driving news to stimulate buy pressures.
Given our expectations of the release of a positive economic scorecard in the coming week, we envisage a moderate rebound in market activities.