Market breadth closes negative at 0.91x
- Trading activities on the NSEASI closed on a sombre note with 21 gainers and 23 losers.
- The YtD return on the NSE All Share Index pared 0.28% to close further in the negative territory at -1.95%.
- A total of 505.74 million (+96.49%) shares worth NGN3.13 billion (+18.08%) were exchanged in 3,906 deals (-0.66%).
- The NSEBNK10 index advanced by 57 basis points as positive sentiments returned to a number of mid and big cap counters.
- ZENITHBANK +1.25% and SKYEBANK +9.09% featured on the gainers’ list in this space.
- The YtD return on the NSE Banking Index remained negative at -1.58%.
- In contrast, other NSE sector indices closed southwards.
- The bears had the greatest hold on the NSEFBT10-1.61% index which closed lower at 901.83.
- The sector also maintained an unimpressive negative YtD return of -7.61%.
Why stocks are down
The Nigerian equities market remained bearish with four of five NSE sector indices closing underwater.
In the midst of the sell-offs, positive sentiments on stocks like GUARANTY+1.01%, SKYEBANK+9.09% and ZENITHBANK+1.25% placed the banking sector in the green zone.
We expect the current trend to be maintained this week.