Nigerian Equities Market Sustains Bearish Trend… NSE ASI Down 2.25%

Nigerian Equities Market Sustains Bearish Trend… NSE ASI Down 2.25%

The Nigerian bourse dipped further due to profit taking in DANGCEM (-4.26%), NB (-1.55%), WAPCO (-4.75%), FO (-4.63%) and STANBIC (-5.00%). Consequently, the NSE ASI contracted by 225bps to settle at 37,096.60 and the market capitalization decreased by N294.47 billion to settle at N12.79 trillion. Activity level was broadly strong as Volume (23.89%) and Value (28.69%) traded increased to 391.62 million units and N5.44 billion respectively.

All Sectors Closed Negative

All sector indices closed negative as the Industrial Goods index (-4.15%) led the losers as bearish trend persisted in DANGCEM (-4.26%), WAPCO (-4.75%) and CCNN (-4.96%). Trailed by the Banking index (-1.25%), stemming from declining sentiment in GUARANTY (-1.47%),  ZENITHBANK (-1.02%) and STANBIC (-5.00%). In the same vein, the Consumer Goods index (-1.02%) reversed bullish state due to profit taking in NB (-1.55%), PZ (-5.00%) and NASCON (-4.96%), While the Insurance index (-0.95%) and the Oil & Gas index (-0.39%) followed suit on the backdrop of price decline in MANSARD (-4.65%), NEM (-4.76%) and FO (-4.63%), OANDO (-1.37%) respectively.

Investor’s Sentiment Remains Negative

Investor’s sentiment remains negative as the market breadth (A-D Ratio) settled at 0.3x (vs. 0.7x previously), following price gains in 11 stocks against losses recorded in 35 stocks. GLAXOSMITH (5.00%), BERGER (5.00%) and GOLDBREW (4.00%) were top gainers, while MORISON (-8.16%), STANBIC (-5.00%) and PZ (-5.00%) were top losers.

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