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

Hot this week

NCDMB to Launch Oil and Gas Trainers Certification

The Nigerian Content Development and Monitoring Board (NCDMB) is...

World Yeye Adesola Odeyeyiwa Day: Celebrating a Woman of Great Industry and Elegance

      By Goke Ilesanmi It is another WORLD YEYE ADESOLA ODEYEYIWA...

NAICOM, Ghana’s NIC Strengthen Regional Integration, Drive Insurance Innovation

L-R: Dr. Abiba Zakariah; Commissioner for Insurance, National Insurance...

NCC, CAC Inform Telecom Stakeholders of New Ownership Structure Requirements

The Nigerian Communications Commission (NCC) and the Corporate Affairs...

NCC Appoints Princess Oforitsenere Emiko as Interim Chairman of Digital Bridge Institute Governing Board

The Board of the Nigerian Communications Commission (NCC) has...

Topics

African Airlines Record 31% Cargo Growth in April 2021

African airlines’ cargo demand in April increased 30.6% compared to...

Ecobank Nigeria Bags 3 Laurels at DBN Awards 2023

Left:  Chief Operating Officer, Development Bank of Nigeria (DBN);...

Rand Merchant Bank Nigeria Successfully Meets CBN Recapitalisation Requirement

In line with the Central Bank of Nigeria’s Banking...

ITU Report: 6bn People Connected Online, 2.2bn Offline Globally

The world's online population grew by more than 240...

REPORT: Supply Chains Must Change to Support Global Energy Demand

The development of new, unconventional energy sources, such as...

Stanbic IBTC Reaffirms Commitment to Agriculture through Partnership with BATN Foundation

L-R: Abisola Olusanya, Commissioner of Agriculture, Lagos State; Honourable...
spot_img

Related Articles

Popular Categories

spot_imgspot_img