Mixed sentiments pull equities further down on the Exchange
AFTER opening the day on an upbeat note, equities later went down on the Nigerian Stock Exchange [NSE] yesterday, as selloffs in industrial and banking stocks exerted pressure on the market.
Consequently, the All Share Index [ASI] lost 1bp to close at 29,030.97, bringing year-to-date returns to 16.23 per cent. The banking (0.14 per cent), consumer (0.14 per cent), and industrial goods (0.46 per cent) sectors declined the most on the day while the oil and gas (0.63 per cent), and insurance (0.65 per cent) sectors were the only sectors that closed higher.
Yesterday’s performance was predominantly driven by Zenith Bank (1.07 per cent, ₦17.50), Lafarge Africa; (1.04 per cent, ₦95.0), Flourmill; (1.80 per cent, ₦21.80), Nigerian Breweries; (0.69 per cent, ₦135.06), and GTBank; (0.17 per cent, ₦23.01)
Therefore, equities market closed yesterday on a negative note, as NSE All Share Index [ASI] depreciated by 0.01 per cent to close at 29,030.97 basis points, compared with the 0.07 per cent depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 16.23 per cent.
Market breadth also closed negative as Oando led 19 gainers against 25 losers topped by Unilever at the end of yesterday’s session- an unimproved performance when compared with previous outlook.
Market turnover however closed positive as volume moved up by 57.07 per cent against 8.90 per cent uptick recorded in the previous session. Transcorp, UBA and Zenith Bank were the most active to boost market turnover. Dangote Cement and Zenith Bank topped market value list.
Volume shockers included Mobil which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.