Market breadth closes negative at 0.7x
- The Nigerian equities market resumed the week on a positive note with the NSEASI advancing marginally by 0.06%.
- Total declining stocks towered above the gainers, settling the YtD return at -1.56%.
- A total of 155.17 million (-51.45%) shares worth NGN1.99 billion (-35.19%) were exchanged in 3,422 deals (-16.21%).
- Total market capitalisation closed at NGN13.64 trillion.
- The NSEBNK10 index outperformed the market, despite its weak advancement.
- Interestingly, ETI +2.00% which closed at NGN20.40 was the only gainer in the sector at the close of trades.
- Similarly, weak bullish sentiments were observed in the oil and gas sector.
- The NSEOILG5 advanced marginally by 0.02%.
- FO advanced by 3.04% while three stocks; CONOIL-1.82%, JAPAULOIL-2.78% and OANDO-0.78% closed bearish.
- The strongest decline was observed in the industrial goods sector.
- This was however restricted to the negative sentiments on WAPCO, which shed NGN1.00 to close at NGN38.00.
Why stocks are up
Similar to major stock market indices around the world, the NSEASI started the week on a positive note.
However, bearish sentiments in the Nigerian bourse remained strong as indicated by the negative market breadth of 0.74x.
We expect to witness mixed sentiments during the week.
