Market breadth closes positive at 1.21x
- Bearish sentiments drove the NSEASI down by 15 basis points at the sound of the closing bell.
- Total market capitalisation and YTD return on the bourse closed at NGN13.98 trillion and +0.95% respectively.
- A total of 267.76 million (-31.42%) shares worth NGN3.83 billion (-37.42%) were exchanged in 4,786 deals (+23.07%).
- The oil and gas index, NSEOILG5-2.36% was the worst performer as investors were bearish on SEPLAT-4.99% whilst maintaining a neutral stance on TOTAL and MOBIL.
- The insurance sector closed on a positive note as the NSEINS10 inclined by +1.36%.
- The top gainer in this space was PRESTIGE+10.00%, which also closed as top advancer on the NSE today.
- Buying pressures were also witnessed in the banking sector.
- The NSEBNK10 index advanced by 20bps in the session, settling its year to date return at +1.14%.
Our opinion
Despite the decline in negative momentum on the NSEASI, investors’ bearish stance on some heavyweights (NB-1.00%, SEPLAT-4.99%, FBNH-0.47% and ACCESS-0.48%), left the bears in the lead.
Following the extended sell-offs, we expect bargain hunters to take position on counters which have shed significantly.
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