Market breadth closes at 0.23x
- The NSEASI shed 106 basis points at the close of trades today.
- A total of 256.43 million (-3.85%) shares worth NGN2.00 billion (-57.15%), were exchanged in 4,111 (+10.48%) deals.
- The bulls maintained their charge on the price of MRS+10.10% which recorded the highest advancement in the session.
- DIAMONDBNK-8.28% and FIDELITYBK-5.50% closed as top losers as negative momentum increased on both counters.
- All NSE sector indices closed in the red zone. The NSEFBT10, NSEBNK10, NSEINS, NSEIND and NSEOILG5 indices pared respectively by 1.79%, 1.70%, 1.10%, 0.20% and 0.01%.
Why stocks are down
- The NSEASI nestled in the negative territory as investors continue to test the resiliency of the frontier and emerging markets.
- We however anticipate a rebound as stocks venture closer to their year-lows.
Banking Sector: For every rout, a buyer
The NSEBNK10 index declined by 170bps in the session.
ETI which advanced by 224bps, was the only counter to witness an uptick in the banking space.
The YtD return on the sector’s index pared to +5.27%, placing it below the YtD return on the NSE oil and gas index (+5.64%).
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