Profit Taking in Banking Stocks Drags Market Performance… NSE ASI down 10bps

The negative performance of the local bourse was sustained in yesterday’s session as the NSE All Share Index (ASI) fell 10bps to 37,963.93 points while YTD loss remained at -0.7%.

Profit taking in ZENITH (-2.0%), GUARANTY (-0.7%) and INTBREW (-0.7%) pulled the benchmark index lower. Conversely, investors gained N9.7bn as market capitalization rose to N13.8tn. Similarly, activity level improved as volume and value traded increased 43.9% and 0.4% to 372.2m units and N3.2bn respectively.

The most traded stocks by volume were STERLING (172.6m), ZENITH (31.5m) and TRANSCORP (22.9m) while ZENITH (N792.7m), PRESCO (N404.4m) and GUINNESS (N277.9m) were the top traded stocks by value.

Negative Sector Performance 
Across sectors, performance was largely bearish as 3 of 5 indices trended southwards.

The Insurance and Banking indices led laggards, down 0.8% and 0.6% respectively as a result of losses in NEM (-1.2%), REGALINS (-4.0%), ZENITH (-2.0%) and GUARANTY (-0.7%).

The Consumer Goods index also closed in the red, shedding 0.2% on the back of sell-offs in INTBREW (-0.7%). On the other hand, the Industrial Goods and Oil & Gas indices advanced 0.9% and 0.3% respectively following gains in WAPCO (+2.4%) and TOTAL (+3.7%) which offset losses in SEPLAT (-0.2%).

Investor Sentiment Dwindles
Investor sentiment as shown by market breadth (advance/decline ratio) weakened to 0.3x from 1.0x in the prior session as 12 stocks advanced compared to 35 decliners.

Yesterday’s top gainers were CILEASING (+4.7%), UNITY (+4.5%) and TRANSCORP (+4.4%) while JAPAULOIL (-7.3%), ETERNA (-5.0%) and FIRSTALUM (-5.0%) were the worst performers.

Given the softer investor sentiment, we believe the negative performance will be sustained in tomorrow’s trading session.

Nevertheless, we do not rule out the possibility of some bargain hunting in market bellwethers by the end of the week.

spot_img
spot_img
spot_img
spot_img
spot_img

Hot this week

Emmanuel Okpanachi: Building the Technology Behind Africa’s Next Generation of Events

Africa’s events industry is growing rapidly, but the technology...

SEC, Meristem Collaborate to Curb Unclaimed Funds, Strengthen Investor Protection

Head, Monitoring & Enforcement Department Securities and Exchange Commission,...

President Tinubu, NGX Group Advance Capital Market Agenda to Accelerate Nigeria’s Trillion-Dollar Economy

President Bola Ahmed Tinubu has reaffirmed the Federal Government’s...

AIICO Retains Composite Licence Without Capital Raise, Posts Solid Q2 Performance

Mr. Olusegun Omosehin, Commission for Insurance/CEO of the National...

CIIN Unveils 2nd Edition of Courts’ Judgments on Insurance, Related Cases in Nigerian Courts

Chartered Insurance Institute of Nigeria (CIIN) announces the release...

Topics

Stanbic IBTC Insurance Highlights Benefits of Life Insurance Policy

  Stanbic IBTC Insurance Limited, a subsidiary of Stanbic IBTC...

FG, NGX to Drive Startup Listings with Tech Board

The Federal Government through the Ministry of Communications, Innovation...

Exploring Trust, Authenticity, Engagement in a Saturated Digital Space 

By Elvis Eromosele Humans are naturally biased. This makes changing...

Access Bank, SaltinGStein Unveil Winbundle Airtime2Win Initiative

L - R: Simi Daphne Adeoye VP Business Development and...

AXA Mansard Plc: Claims Incurred on Life Insurance Hammers Profit

AXA Mansard Plc published its audited FY: 2015 result...

Union Bank of Nigeria Completes Merger with Titan Trust Bank

Union Bank of Nigeria, one of the nation’s longest-standing...

Insurance Industry Seeks Media Support for Growth

Mrs. Funmi Babington-Ashaye, Chairman, Insurance Industry Consultative Council Stakeholders in...

Optimism Reigns in 2015 Insurance Industry Outlook

Despite falling oil prices and post-election uncertainties,the Nigerian insurance sector is looking into the future with broad optimism and confidence. Mr. Fola Daniel, Commissioner for Insurance, National Insurance Commission (NAICOM) says the industry is undergoing rapid transformation, thus requiring the strategic support of operators and other relevant stakeholders to enable the industry occupy its rightful position in the forefront of the financial services sector in Nigeria.
spot_img

Related Articles

Popular Categories

spot_imgspot_img