Equities fall further on profit taking on the Exchange
Hence, the equities market closed on a negative note, as Nigerian Stock Exchange [NSE] ASI depreciated by 0.64 per cent to close at 28,981.12 basis points, compared with the 0.03 per cent depreciation recorded previously.
While the wider market struggled to sustain gains on the day, overall, the industrial goods (0.38 per cent) and insurance (0.13 per cent) sectors were the only sectors to close higher.
In contrast, banking, consumer goods and oil and gas stocks posted the most significant losses at 1.15 per cent, 1.36 per cent and 1.83 per cent respectively.
Specifically, the ASI fell by 64bps to close at 28,981.12, bringing year-to-date returns to 16.38 per cent. The day’s performance was predominantly driven by Nigerian Breweries (4.04 per cent, ₦129.51), Zenith Bank; (4.01 per cent, ₦16.99), Forte Oil; (2.76 per cent, ₦282), Guinness; (3.66 per cent, ₦138), Seplat; (2.19 per cent, ₦225), Flourmill; (4.13 per cent, ₦20.90), FBNH; (0.78 per cent, ₦5.07), and Oando; (-0.24 per cent, ₦8.48) Equity Assurance, UBA and Transcorp were the most active to boost market turnover. Zenith Bank and UBA topped market value list.
Volume shockers included Guaranty bank which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session. Analysts observed that most of the activities were in mid- and large-cap stocks.
Market breadth, however, closed positive as Unilever led 18 gainers against 25 losers topped by Caverton at the end of yesterday’s session- an unimproved performance when compared with the previous outlook.
Market turnover closed negative as volume declined by 71.79 per cent against 12.78 per cent uptick recorded in the previous session.