The equities market stemmed its four- day positive run as the NSEASI declined by 1.17% to drag YtD market return to –13.81%. Volume and value of transactions also trimmed by 53.14% and 39.44% respectively. Market breadth (0.30x) skewed in favour of underperformers as 12stocks appreciated against 40 decliners.
CUTIX led the gainers’ chart with a price appreciation of 9.93% to close at NGN1.55. Other outperformers were BERGER (+4.99%), IKEJAHOTEL (+ 4.70%), AGLEVENT (+4.40 %), and VITAFOAM (+ 4.17 %%). On the other hand, DANGSUGAR led the underperformers shedding (-9.16 %) to close at NGN6.25. Other counters that featured on the losers’ chart were UACN, SEPLAT and FO which shed 5.00% apiece and UBN (-4.97 %).
The NSE sector indices showed that all the sectors trended southward with NSEOILG5 (-4.00%), NSEBNK10 (-1.67%), NSEFBT10 (-1.06%), and NSEINS10 (-0.11%) all declining.
We believe the swing in market mood was largely due to profit taking activities by market participants following four consecutive days of gains. We expect sustained changes in investor sentiments in the coming weeks, as the market continues to react to news flows.