- The Nigerian equities market continued to shed points at the close of today’s trading session, as the Year-to-Date return drowned further to -16.88%. Market capitalization closed at NGN9.90tn after declining by NGN112.86bn, while the NSEASI returned -1.39% at the end of the day. Daily volume and turnover of transaction increased by 134.36% and 5.30%, while thirty-nine (39) and six (6) stocks pared and appreciated in prices respectively.
- FIDELITYBK led the advancers after gaining 5.00% to settle at NGN1.26. Other top advancers in the day were, COSTAIN (+3.51%), FIDSON (+2.80%), STANBIC (+1.11%), and LEARNAFRICA (+1.01%). On the flip side, CAVERTON and PAINTCOM shed 9.52% and 5.00% in that order, while OANDO, JBERGER, and INTBREW declined by 4.99% apiece.
- Across monitored African markets, the Kenyan equities market pared the most (-2.46%), followed by the Ghanaian (-0.71%) and Mauritian (-0.69%) equities market as at the time of reporting. On the domestic front, all NSE sector indices waned in the day save for the NSEINS10 which traded flat.
- The People’s Bank of China has cut its interest rate by 0.25% to 4.6% (the fifth since November 2014), this may assist in resuscitating investor’s confidence in the equities market.
- We do not envisage a deviation from current market trend for the rest of the week; however we note the possibility of considerable value investing activities which might lead to at least a day of positive return in the week.
