Market breadth closes negative at 0.71x
- The Nigerian equities market resumed on a negative note.
- The NSEASI dipped by 87 basis points, settling the YtD return at -0.77%.
- A total of 256.23 million (+4.81%) shares worth NGN1.86 billion (+0.57%) were exchanged in 3,308 deals.
- The NSE oil and gas index was the lone gainer for the day.
- The NSEOILG5 index advanced by 77 bps to close at 325.72.
- Gains were bolstered by the price increases recorded on MOBIL +9.23% and OANDO +3.13%.
- However, FO-9.74%, JAPAULOIL-8.33% and ETERNA -1.93% closed as laggards.
- The NSEIND-1.04% index which closed at 1,987.78, recorded the greatest selling pressures. We attribute this to the 214bps decline on DANGCEM, while other counters in the sector traded flat.
- The NSEINS10-0.07% index declined marginally at the close of the session.
- Positive sentiments on AIICO+9.84%, caused the ticker to close as the top gainer for the day.
Why stocks are down
We attribute the negative close to sell-offs witnessed in all sector indices, save for the NSE oil and gas index.
Given the expected semi-annual review by the NSE this week, we expect investors to rebalance their portfolios, with positive sentiments on stocks to be favoured by the review.
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