Weekly Market Recap: MSCI Threat Scares Investors Away

Commentary

The week got off to a slow start, owing to technical issues and due diligence checks by the NSE on its trading system. At the close of trading on Friday, the market benchmark ended the week in the positive territory. The All-Share Index was up 53bps to close at 24,850.11pts, trimming the YtD decline to -13.24%.

Sector wise, they were mixed with the Financials & Industrials ending the week in the green. The Banks climbed 382bps on the back of significant foreign buying interest in the likes of ZENITH (+611bps); UBA (+401bps) & GUARANTY (+358bps) as well as better than expected 1Q2016 numbers from the tier-1 banks. The Industrials were largely flat, higher by just a tad. Ending the week in the red were the Consumers and Oils, which dipped by 83bps and 73bps respectively.

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Market activity continued to weaken, with the bourse seeing its lowest daily turnover in recent years in Monday’s session (N0.582bn), this was mostly due to the glitch in trading that was experienced on Monday. The remaining 4-sessions averaged a turnover of N1.31bn, with the action concentrated in just a few stocks: GUARANTY, ZENITH, NB, WAPCO & UBA, these accounted for more than two-third of total turnover. While most investors stayed on the sidelines in anticipation of some clarity from MSCI with regards to the index exclusion story, activity was driven by a few offshore investors placing bets on some tier-1 banks.