The Equities market extended its losing streak to seven days , as the NSEASI declined further by 0.66% to drag the All Share Index to 34,115.49pts and YtD return to -1.56%. Market Breadth (0.74x) skewed in favour of decliners with 20 stocks advancing against 27 decliners. Volume traded and market turnover surged by 155.52% and 39.46% respectively.
BERGER topped the gainers’ chart with a 5.04% gain to close at a year- high of NGN10.00. FIDELITYBNK and CONOIL both gained 5.00% apiece, with UPL (4.93%) and MANSARD (4.68%) also making the top gainers list. Conversely, ETI recorded the highest loss shedding 9.71% to close at NGN21.01. PORTPAINT, RTBRISCOE, TOTAL and COSTAIN posted 4.96%, 4.95%, 4.91%, and 4.88% respective losses.
All NSE sector indices recorded declines save for the NSEINS10 which appreciated by 1.49%. NSEOILG5 (-1.98%), NSEBNK10 (-1.08%), and NSEFBT10 (-0.87%) all depreciated in value.
Most major markets across the African continent traded in the negative zone save for Ghana (0.94%) while South Africa (-0.42%), Kenya (-0.70%), Mauritius (-0.33%) and Egypt (-0.20%) declined in that order.
We attribute the persistent decline of the NSEASI to lack of positive news flow to drive the market out of the current bearish mood. We, however, believe the entrance of the new government and subsequent policy actions by same may provide the needed stimuli for the market.
