Daily Market Summary: Market breadth closes at 0.85x
The bears came out tops once again as the NSEASI-0.40% lost 165.18 points in the session. Total market cap and YtD return moderated to NGN14.82 trillion and 6.99% respectively.
A total of 244.92 million (-28.19%) shares worth NGN4.10 billion (-56.06%), were exchanged in 3,804 (+0.37%) deals.
Strong buying pressures were sustained on CCNN+9.96% as the ticker maintained the top spot on the gainers’ chart. At the other end of the spectrum, NIGERINS-7.41% topped the losers’ chart to close at 25 kobo. The ticker has witnessed a downtrend since February 9, 2018. Prior to this, its price was maintained at the erstwhile price floor of 50 kobo per share.
The NSEIND+0.06% and NSEINS10+0.02% indices closed in the green. In contrast, the strong negative momentum was observed on the NSEOILG5-1.80%
Based on our analysis of today’s trades, we note the sustained negative sentiments, championed by counters in the oil and gas sector.
Insurance Sector: LINKASSURE’s PAT dips 73.62% in Q12018
The sector closed in the positive territory following a marginal advancement of 2bps on the NSE insurance index. As a result, the YTD return on the NSEINS10+0.02% index advanced to 5.09%.
Linkage Assurance Plc. released its Q12018 results today. The company’s PAT which declined by 73.62% to NGN375.35 million was stifled by the moderation in investment income (by over 80%) from Q12017.