Market breadth closes negative at 0.91x
- The NSEASI closed in the red as investor sentiments were mixed on a number of medium and large cap stocks.
- YtD return moderated marginally to -0.67% while total market capitalisation pared to NGN1.3.76 trillion.
- A total of 539.67 million (+160.20%) shares worth NGN4.71 billion (+37.58%) were exchanged in 4,202 deals (+9.94%).
- The NSE consumer goods index closed negative as several counters traded flat, despite the bullish close on bellwethers – NESTLE +0.67% and NB +0.45%.
- However, only two tickers (CHAMPION-4.00% and INTBREW-6.14%) closed under water.
- The NSEINS10 +1.61% index closed with the greatest incline, advancing 161 bps to close at 151.86 points.
- Despite the remarkable gain on NEM+9.87%, counters such as; PRESTIGE-4.76% and REGALINS-3.85% witnessed strong selling pressures.
- The NSEIND+0.89% index also recorded gains at the close of trades.
- We attribute this to the 249bps advancement on WAPCO, being the only ticker to record a price uptick.
Why stocks are down
We attribute the marginal decline on the NSEASI to the mixed and negative close on a number of big cap stocks.
In line with this, the bears had a grip on heavyweights like ZENITHBANK-1.73% and GUARANTY-0.12% while DANGCEM traded sideways.
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