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Daily Market Summary: Bears ravage bulls as gloom persists

Morgan Capital Research by Morgan Capital Research
May 17, 2018
in Markets, Stock Market
Bellwether, bearish, stocks, Daily Stock market report, Nigerian Stock market, bank lending, banking stocks

Stock exchange

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Market breadth closes at 0.62x

  • The market bears resurfaced to recoup the gains recorded in the last session. As a result, the NSEASI-0.83% closed lower at 40,651.41 points, settling the YtD return lower +6.30%.
  • A total of 424.37 million (+63.54%) shares worth NGN7.57 billion (+73.43%), were exchanged in 3,502 (-12.45%) deals.
  • Profit-taking activities continued on CCNN-5.26% which led all laggards to close at NGN26.10. SOVRENINS+9.09% was the top gainer for the day.
  • All sector indices closed in the red. The NSEIND, NSEFBT10, NSEOILG5, NSEBNK10 and NSEINS indices declined by 1.65%, 1.10%, 1.05%, 0.36%, and 0.04% respectively.

Why stocks are down

  • Based on our analysis of today’s trades, we attribute the negative close to the persistent gloom-ridden stance by investors.
  • Unlike CCNN, sell-offs were noted on several stocks following the gains recorded in few sessions.
  • On this note, DANGCEM-0.80%, NB-3.45% and DANGSUGAR-2.37% closed lower, while a number of mid-large cap stocks traded flat.

Contact Morgan Capital for more information. Email: info@morgancapitalgroup.com
www.morgancapitalgroup.com


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