Market breadth closes negative at 0.55x
- The NSEASI pared 7 bps with price shedding observed on 29 stocks while 16 stocks, led by CUSTODIAN+8.45% closed on a positive note.
- Total market cap declined to NGN13.49 trillion.
- A total of 350.47 million shares worth NGN4.60 billion were exchanged in 3,228 deals, as the YtD return on the bourse ventured further in the red at -2.66%.
- The NSEIND index outperformed other sector indices at the close of trades, following the uptick of the index to 1,866.40 (+0.55%).
- Gainers in this space were WAPCO+1.77% and DANGCEM+0.89% which closed at NGN34.50 and NGN227.00 apiece.
- In contrast, the NSE banking sector index lagged behind other sector indices, declining 1.42% to close at 463.93 points.
- We attribute the poor performance of the index to the current bearish sentiments on a number of mid and big-sized counters.
Why stocks are down
Bearish sentiments prevailed at the end of the fourth trading session as offers outweighed bids in most sectors.
We expect to witness a negative week-on-week close on the NSEASI as the trend is sustained, despite the increasing attractiveness of a number of stocks listed on the Nigerian equities market.
Contact Morgan Capital for more information.