Daily Market Summary: Market breadth closes at 0.56x
- The NSEASI-0.90% gained 364.48 points to settle the YtD return and Market cap higher at 7.19% and NGN14.85trillion apiece.
- A total of 259.49 million (+27.60%) shares worth NGN4.36 billion (-1.45%), were exchanged in 4,000 (-2.20%) deals.
- SKYEBANK-9.41% replaced DIAMONDBNK-9.15% as top laggard while CUTIX+5.00% closed as top advancer.
- Positive sentiments were sustained in the consumer goods, industrial goods and insurance sectors.
- On the flip side, bearish sentiments observed on FO-3.13%, dragged the NSE oil and gas index into the negative territory.
- The NSEBNK10-0.39% index closed in the red, despite the return of positive sentiments on some counters.
Why stocks are up
- We attribute the gains on the NSEASI+0.90% to stronger buying pressures on counters in the consumer goods, industrial goods and insurance sectors.
- We also note the current cautious optimism as suggested by the negative market breadth of 0.56x.
Services Sector: LEARNAFRCA returns 53.41% YtD
CILEASING+1.35% was the only counter to record an uptick at the end of the session. On the other hand, the bears maintained their charge on the prices of CAVERTON-4.55% (YtD: +95.35%) and TRANSEXPR-4.65% (YtD: +5.13%). Other counters in the sector traded flat.
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