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NSE All Share Index hits below nine months support

By on July 12, 2011
The free fall of share prices on the bourse continued as the bears revved to dominate market activities, plunging All-Share Index further into red zone to hit new low below 24,000 points while breaking nine months support amid improved naira votes. The outlook technically suggests a sell-off, considering the bearish volume growth of 31.46% as market lacks bargain drive at the moment.
More so, the market remained tattered as more equities shed weight considerably across the board while NSE sectoral indices closed mixed as banking sector together with blue chips impacted the outlook significantly.
In the same vein, the negative outlook recorded in Banking, Chemical & Paints, Industrial & Domestics Products, Insurance and Maritime impacted the negative outlook recorded today. Meanwhile moderate buying activities was witnessed in Hotel & Tourism, Healthcare, Construction and Commercial Services.
The market capitalization of 199 first-tier equities depreciated by N70.94billion as the sentiments remained bearish. 102 equities were traded today as against previous 110 with more activities recorded in Banking, Insurance, Media, Packaging Food & Beverages and Conglomerates sectors.
Also, the rescued banks recorded a downwards performance as the league closed with 5 losers to 2 gainers and 2 flat positions on the average of -4.00% loss and 1.32% gain respectively.  Afribank Plcshed the highest points by -5.00% loss while Wema Bank Plc topped the league with 2.20% gain.See the performance chart below.
Today, two out of the five NSE sectoral indices closed negative as NSE 30 which basically measures the performance of blue chips moved down by -1.05%, NSE Banking dips by -3.11%, NSE Food & Beverages moved up by +0.17% and NSE Oil & Gas closed flat While NSE Insurance gained by +0.13%.
At the close of trading session, the NSE All-Share Index dips by –0.92% to close at 23,959.70  as against a decline by -0.53% recorded in the previous session to close at 24, 181.57.  In the same vein, market capitalization depreciated by N70.94billion (US480.79 million) to close at N7.66trillion (US$51.91billion) as against depreciation by N41.07billion (US$278.37million) recorded on preceding session to close at N7.73trillion (US$52.40billion).
The number of gainers at the close of trading session closed higher at 15 as against (14) gainers recorded in the previous session while decliners closed lower at twenty-five (25) as against twenty-six (26) losers recorded in the previous trading day – suggesting negative breadth.
Banking sector led the market transaction volume today with 113.21 million units valued at N944.69 million (US$6.40million) exchanged in 2,941 deals as against 94.02 million units valued at N488.43 million (US$3.31million) exchanged in 2,707 deals recorded previous session.
The volume recorded in the sector was driven by transaction in the shares of Zenith Bank Plc, Guaranty Trust Bank Plc, First Bank Plc, Intercontinental Bank and Access Bank Plc and the total volume of 75.49 million units valued at N835.28million traded in the shares of five stocks accounted for 41.74% of the entire market volume and their value represented 57.95% of the market’s value.
Transaction volume on the exchange moved up by 31.46% to close at 180.85 million units exchanged in 5,857 deals as against negative position of 68.64% recorded in the previous trading to close at 137.57 million units exchanged in 4,707 deals.
Also, market value appreciated by 55.87% to close at N1.44 billion (US$9.76million) as against depreciation by 70.50% recorded in the previous trading session to close at N924.75 million (US$6.26million)
SECTORAL REVIEW

The Agriculture/Agro-Allied sector closed with no price movement compared with one loser and one unchanged price recorded on Monday. All stocks in the sector closed flat after today’s trading.
The Air Services sector recorded no price movement compared with no price movement recorded on previous trading day. All stocks in the sector closed flat after today’s trading.
The Banking sector closed today with two (2) gainers to fourteen (14) losers compared with six (6) gainers to eleven (11) losers recorded on previous trading day. Wema Bank Plc led the gainers’ chart in the sector with +2.20% gain recorded while Union Bank Plc also recorded +0.44% gains. Fidelity Bank Plc led the losers’ chart with -5.00% while Afribank and Guaranty Trust Bank Plc both recorded -5.00% and -4.95% loss in that order after today’s trading session.
The Breweries sector closed with no price movement compared with one loser and one unchanged price recorded on previous trading day. All stocks in the sector closed flat after today’s trading session.
The Building materials sector, today, closed with one loser to three unchanged prices compared with no price movement recorded on previous trading day. Lafarge WAPCO Plc moved southwards marginally by -0.04% while Cement Company of Northern, Dangote Cement and Ashaka Cement Plcclosed flat after today’s trading session.
The Conglomerates sector recorded one gainer to one loser compared with one loser to six unchanged prices recorded on Monday. PZ Plc moved up by +0.54% while Unilever Nigeria Plc moved down by -1.10% after today’s trading session.
The Food and Beverages sector closed with one gainer to one loser compared with two losers to nine unchanged prices recorded on previous trading day. Flour Mills Plc closed positive with +1.01% gains recorded while National Salt Company Plc closed negative with -0.19% loss recorded in that order after today’s trading session.
The Insurance sector closed two gainers three losers just as two gainers three losers was also recorded on previous trading day.
The Petroleum sector records no price movement compared with one loser to six unchanged prices recorded on Monday. All stocks in the sector closed unchanged after today’s trading session.
Source:Proshare