Market breadth closes at 0.54x
- The year to date return on the bourse settled below five per cent as the NSEASI shed 25 basis points in the session.
- A total of 266.70 million (-5.18%) shares worth NGN4.67 billion (+14.23%), were exchanged in 3,721 (-13.55%) deals.
- IKEJAHOTEL witnessed an uptick of 980 basis points to top the gainers’ list once again.
- UACN-8.52% however closed as the top laggard for the day.
- Barring the marginal advancement of the NSEOILG5+0.08% index, all NSE sector indices closed lower. Bearish sentiments were strongest on the consumer goods sector index.
Why stocks are down
- The Nigerian bourse closed lower for the third session this week.
- We expect bargain-hunters to provide a respite from the extended negative sentiments on fundamentally justified counters.
Oiland Gas Sector:MRS saves the day
The NSEOILG5 index gained marginally by 8bps following the return of positive sentiments on MRS+4.87%.
As a result, the YtD return on the index closed higher at +5.65%.
The bears had a grip on JAPAULOIL-3.57% and OANDO-3.80% while other tickers traded sideways.
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www.morgancapitalgroup.com
