Nigerian stock market
Market breadth closes at 0.28x
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- The bourse resumed on a sombre note as the NSEASI-0.75% remained in negative territories, closing at 39,028.51 points.
- A total of 222.32 million (-24.89%) shares worth NGN1.64 billion (-44.30%), were exchanged in 4,461 (-9.16%) deals.
- HMARKINS+6.67%closed as the best performing stock while FCMB-9.09% shed 20kobo to lead other laggards in the session.
- Negative sentiment was observed on counters in all sectors represented on the exchange.
- The NSE industrial goods sector index declined by 2.25%, underperforming other sectors.
Why stocks are down
- Despite the persistent bearish run, we note the decline in negative momentum, as depicted by the reduction in losses recorded on the NSEASI in the last three consecutive trading sessions (May 24th till date).
Industrial goods sector:DANGCEM gains 41bps
The sector recorded the greatest selling pressure as its index pared the most by 2.25% (NSEIND).
This was largely due to profit taking activities on WAPCO-4.94%,following the 0.62% gain recorded in the previous week.
The 0.41% uptick recorded on DANGCEM was insufficient to place the sector in the green.
Other counters traded sideways, placing the YtD return on the NSEIND at 1.88%.
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