Market Took A Breather… NSE ASI Up 0.19%

Home NewsMarket Took A Breather… NSE ASI Up 0.19%

Market Took A Breather… NSE ASI Up 0.19%

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Market Took A Breather… NSE ASI Up 0.19%

After three consecutive days of bearish performance, the Nigerian bourse closed today’s session positive following renewed rally in the Banking, Consumer Goods and Insurance sector. Market activity today was largely dictated by bargain hunting in NESTLE (3.46%), UNILEVER (4.76%), GLAXOSMITH (1.90%), GUARANTY (0.96%) and DANGSUGAR (1.25%). Consequently, the NSE ASI (169bps) settled at 35,464.34 and the market capitalization gained N23.03 billion to close at N12.22 trillion. Activity level was broadly weak as Volume (-67.90%) and Value (-69.74%) traded decreased to 119.89 million units and N1.74 billion respectively.

Sector Performance Was Mixed

Sector performance at the close of trading was broadly bullish as 3 sectors closed positive and 2 recorded losses. The Consumer Goods index (1.14%) led the gainers on the back of gains in NESTLE (3.46%), UNILEVER (4.76%) and DANGSUGAR (1.25%). Trailed by the Insurance index (0.46%) as bargain hunting resurfaced in NEM (4.76%), AIICO (3.64%) and CONTINSURE (1.45%). While the Banking index (0.22%) appreciated due renewed interest in GUARANTY (0.96%) and ACCESS (0.62%). On the flip side, bears resurfaced in the Oil & Gas index (-0.88%) due to profit taking in FO (-1.63%) and OANDO (-4.89%). In the same vein, the Industrial Goods index (-0.39%) maintained bearish trend for the fourth consecutive trading day as investors took profit in WAPCO (-0.92%) and CCNN (-1.69%).

Investor’s Sentiment Remains Negative

Investor’s sentiment remains negative as the market breadth (A-D Ratio) settled at 0.8x (vs. 0.6x previously), following price gains in 16 stocks against losses recorded in 21 stocks. UNILEVER (4.76%), NEM (4.76%) and CILEASING (4.55%) were top gainers, while PRESCO (-4.99%), OANDO (-4.89%) and ETERNA (-4.74%) were top losers.