Daily Market Summary: Market breadth closes at 0.31x
- The bears overturned the gains recorded in the last session, moderating the YtD return on the NSEASI-0.84% to37%.
- A total of 218.77 million (-1.95%) shares worth NGN2.23 billion (-47.32%), were exchanged in 4,109 (+11.81%) deals.
- The bulls maintained their charge on the price of CAVERTON+4.98%, causing the ticker to lead the advancers’ chart.
- Conversely, CILEASING-9.36% led other laggards in the session.
- All NSE sector indices shed points to close lower, barring the NSEOILG5+0.02% index which witnessed a marginal uptick after gaining 0.02 points.
Why stocks are down
- Based on our analysis of today’s trades, we attribute the negative close to the renewed selling pressures on counters, including large cap stocks like DANGCEM-0.61%, NESTLE-3.16% and NB-2.01%.
- We expect to see the current negative sentiments manifest in more sessions this week, as investors remain cautious.
Insurance Sector: NEM declares final dividend of 10 kobo/ share
Weak positive sentiments were observed in the sector. The YtD return on the NSEINS10+0.01% index advanced to 2.62% following the marginal points gained in the session.
NEM Insurance Plc. (NEM) declared a final dividend of NGN0.10 per share to be paid on June 20th, 2018.
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