Market Opens The Week Bullish… NSE ASI Up 0.12%
The Nigerian bourse starts the week bullish reaching eight consecutive trading days of uptrend due to bargain hunting in 7UP (6.41%), FO (7.71%), UNILEVER (10.24%), NB (2.18%) and FLOURMILL (5.00%). Consequently, the NSE ASI (12bps) settled at 33,301.43 and the market capitalization gained N13.71 billion to close at N11.48 trillion. Activity level was mixed as Volume traded (3.60%) increased to 322.81 million units and Value traded (-16.40%) decreased to N2.73 billion.
The Consumer Goods Sector Drives The Market
Sector performance was bearish as 2 sectors closed positive out of 5. The Consumer Goods index (1.29%) sustained its positive momentum following continued interest in 7UP (6.41%), UNILEVER (10.24%) and NB (2.18%). Trailed by the Industrial Goods index (0.03%) which appreciated due to bargain hunting solely in DANGCEM (0.10%). On the flip side, the Insurance index (-0.60%) ended four consecutive days of bullish momentum to lead the losers from profit taking in CONTINSURE (-4.35%) and AIICO (-4.92%). Followed by the Oil & Gas index (-0.51%) and the Banking index (-0.46%) which continued bearish movement due to sell off in OANDO (-9.54%) and UBA (-2.22%), ACCESS (-1.72%) and UBN (-2.00%) respectively.
Investor’s Sentiment Turned Negative
Investor’s sentiment turned negative as the market breadth (A-D Ratio) settled at 0.9x (vs. 1.8x previously), following price gains in 23 stocks against losses recorded in 26 stocks. UNILEVER (10.24%), FO (7.71%) and 7UP (6.41%) were top gainers, while OANDO (-9.54%), NASCON (-4.95%), and SKYEBANK (-4.62%) were top losers.