The Market Starts The Week Bearish…NSE ASI Down 0.65%
The Nigerian equities market starts the week bearish, due to profit taking in TOTAL (-5.00%), DANGCEM (-2.08%), GUINNESS (-1.64%), FLOURMILL (-4.83%) and CAP (-1.69%). Consequently, the NSE ASI dipped by 65bps to settle at 37,950.96 and the market capitalization decreased by N85.35 billion to N13.08 trillion. Activity level improved as both Volume traded and Value traded went down by 10.61% and 32.96% to 316.11 million to N4.22 billion respectively.
The Consumer Goods Sector Closed As Lone Gainer
Sectoral performance was bearish as most indices closed negative save for the Consumer Goods index (0.25%) which remained bullish for the tenth trading day in a row due to bargain hunting in NB (1.05%), DANGFLOUR (3.29%) and UNILEVER (0.55%). On the flip side, the Industrial Goods index (-1.08%) declined the most due to profit taking in DANGCEM (-2.08%), CCNN (-0.28%) and CAP (-1.69%). In the same vein, the Insurance index (-0.42%) waned on the back of loses in NEM (-4.55%), WAPIC (-3.85%) and AIICO (-3.51%). Followed by the Oil & Gas index (-0.34%) and the Banking index (-0.28%) following sell-off in TOTAL (-5.00%), OANDO (-3.69%) and UBA (-2.83%), ZENITHBANK (-1.05%), GUARANTY (-0.25%), respectively.
Investor’s Sentiment Remains Negative
Investor’s sentiment remains negative as the market breadth (A-D Ratio) settles at 0.7x (vs. 0.6x previously), following price gains in 18 stocks against losses recorded in 27 stocks. FIDSON (4.68%), AGLEVENT (4.35%) and LINKASSURE (4.00%) were top gainers, while CILEASING (-9.26%), TOTAL (-5.00%) and MEDVIEWAIR (-5.00%) were top losers.