Nigerian Equities Market Sustains Bearish Trend… NSE ASI Down 0.81%

Home NewsNigerian Equities Market Sustains Bearish Trend… NSE ASI Down 0.81%

Nigerian Equities Market Sustains Bearish Trend… NSE ASI Down 0.81%

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Nigerian Equities Market Sustains Bearish Trend… NSE ASI Down 0.81%

The Nigerian bourse dipped further due to profit taking in NESTLE (-0.82%), DANGCEM (-2.33%), OKOMUOIL (-4.92%) FLOURMILL (-3.33%) and GUARANTY (-1.92%). Consequently, the NSE ASI contracted by 81bps to settle at 35,664.94 and the market capitalization decreased by N100.75 billion to settle at N12.29 trillion. Activity level was broadly weak as Volume (-24.76%) and Value (-29.51%) traded decreased to 114.72 million units and N2.17 billion respectively.

The Oil and Gas Sector Closed Lone Gainer

The sector performance was broadly bearish as all but one sector closed negative. The Industrial Goods index (-1.01%) led the losers as bearish trend persisted in DANGCEM (-2.33%) and BERGER (-4.11%). Trailed by the Banking index (-0.40%), stemming from declining sentiment in GUARANTY (-1.92%), UBN (-0.33%) and FIDELITYBK (-1.49%). In the same vein, the Consumer Goods index (-0.37%) reversed bullish position due to profit taking in NESTLE (-0.82%), FLOURMILL (-3.33%) and GUINNESS (-0.55%). While the Insurance index (-0.13%) followed suit on the backdrop of price decline solely in WAPIC (-1.96%). On the flip side, the Oil & Gas index (0.68%) closed as a lone gainer due to bargain hunting in TOTAL (0.87%), FO (0.58%) and OANDO (3.69%).

Investor’s Sentiment Remains Negative

Investor’s sentiment remains negative as the market breadth (A-D Ratio) settled at 0.9x (vs. 0.8x previously), following price gains in 21 stocks against losses recorded in 23 stocks. AIRSERVICE (4.87%), TRANSCORP (4.76%) and UCAP (4.75%) were top gainers, while OKOMUOIL (-4.92%), LIVESTOCK (-4.49%) and JAIZBANK (-4.23%) were top losers.