Market breadth closes at 0.57x
- Following the sell-offs noted on several tickers, the NSEASI pared 43 basis points to close at 40,249.29 points.
- A total of 281.26 million (+3.68%) shares worth NGN4.09 billion (+77.68%), were exchanged in 4,304 (+6.22%) deals.
- IKEJAHOTEL+9.68% remained bullish, topping the gainers’ list to close at NGN2.04.
- Conversely, ETERNA-8.55% closed as the most bearish stock in the session.
- In line with our expectations, the Monetary Policy Committee (MPC) voted to maintain all policy parameters. Hence, the MPR, CRR and liquidity ratio were maintained at 14.00%, 22.50% and 30.00% respectively while the asymmetric window was retained at +200 and -500bps around the MPR.
Why stocks were down
- Stronger bearish sentiments championed by the oil and gas sector, overturned the positive market breadth observed in the last session.
- We note that there was no significant impact on the NSEASI as the investors awaited the decision of the Monetary Policy Committee today.
Oiland Gas Sector:Bearish Sentiments Prevail
The NSEOILG5 index closed lower by 79 basis points to 349.12 while its YtD return declined to +5.57%.
Four tickers closed lower, including MOBIL-4.70% and ETERNA-8.55% while an equal number traded flat.
At the close of trades, FO+0.12% was the only stock in the green zone.
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