Sunday, July 6, 2025
23.7 C
Lagos

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

Hot this week

MTN, 9mobile Ink National Infrastructure Partnership Deal

L-R: Abolaji Idowu, Chief Financial Officer, 9mobile; Omotola Ojutayo,...

Stanbic IBTC Holding’s N148bn Rights Issue Oversubscribed by 21.9%, Injects N140bn into Stanbic IBTC Bank

Acting Group CE Statement Commenting on the just concluded rights...

NAICOM Hands over New Licences to SanlamAllianz Life, General Insurance

The National Insurance Commission (NAICOM) today handed over new...

Access Bank Highlights Leadership at Climate Governance Initiative Launch

Access Bank Plc has once again demonstrated its leadership...

Fidelity Bank Extends Relief Efforts to Eti-Osa Community with Food Bank Initiative

Henry Asiegbu, Divisional Head, Operations, Fidelity Bank Plc (Left);...

Topics

FOR THE RECORD: CITN Commends FIRS over Tax Collection

Revenue derivable in Nigeria can broadly be categorized under...

Justus Uranta: Celebrating ICON of Insurance Industry in Nigeria

When Sir (Dr) Justus Uranta bowed out of office...

LASUMBA Heritage Holds 2019 Convention Nov 30

LASUMBA Heritage, an Association of Alumni and Managers of...

Kwesé TV Brings ESPN Back to Africa

Econet Media’s Kwesé Sports and ESPN today launched the...

AMCON, Customs, FMOF on Buhari’s 1st Term Record

R-L: Dr. Eberechukwu Uneze, Executive Director, Asset Management Corporation...

AMCON Donation to IDPs Wins USAID-ECR Award

R-L: Senior Vice President, Creative Associates International USA, Mr....

Skye Bank: ‘CBN is Selective’

The leader of a major shareholder group in Nigeria...

Union Bank Earns BBB+, Stable Rating from GCR

Global Credit Ratings Co. (GCR) has affirmed Union Bank...
spot_img

Related Articles

Popular Categories

spot_imgspot_img