Market breadth closes negative at 0.71x
- The Nigerian equities market resumed on a negative note.
- The NSEASI dipped by 87 basis points, settling the YtD return at -0.77%.
- A total of 256.23 million (+4.81%) shares worth NGN1.86 billion (+0.57%) were exchanged in 3,308 deals.
- The NSE oil and gas index was the lone gainer for the day.
- The NSEOILG5 index advanced by 77 bps to close at 325.72.
- Gains were bolstered by the price increases recorded on MOBIL +9.23% and OANDO +3.13%.
- However, FO-9.74%, JAPAULOIL-8.33% and ETERNA -1.93% closed as laggards.
- The NSEIND-1.04% index which closed at 1,987.78, recorded the greatest selling pressures. We attribute this to the 214bps decline on DANGCEM, while other counters in the sector traded flat.
- The NSEINS10-0.07% index declined marginally at the close of the session.
- Positive sentiments on AIICO+9.84%, caused the ticker to close as the top gainer for the day.
Why stocks are down
We attribute the negative close to sell-offs witnessed in all sector indices, save for the NSE oil and gas index.
Given the expected semi-annual review by the NSE this week, we expect investors to rebalance their portfolios, with positive sentiments on stocks to be favoured by the review.
Contact Morgan Capital for more information.