Monday, September 8, 2025
23.9 C
Lagos

Bearish Run Sustained on Large Sell-Offs… ASI Down 1.6%

The local bourse continued its bearish run as the All Share Index (ASI) declined 1.6% to close at 31,721.76 points dragged by sell offs in GUARANTY (-6.9%), NESTLE (-2.0%) and ZENITH (-4.0%).

Consequently, the market capitalisation reduced to N11.8tn as investors lost N194.8bn while YTD gain dipped to 0.9%.

However, activity level was mixed as volume traded decreased slightly by 9.7% to 411.7m units while the total value traded surged 96.6% to N5.3bn. GUARANTY (44.6m units), ACCESS (29.7m units) and UBN (27.6m units) were the top traded stock by volume while the top traded value were GUARANTY (N1.6bn), NESTLE (N946.7m) and DANGCEM (N634.7m).

Industrial Goods Index Emerges Lone Gainer
Performance across sectors was largely bearish as all indices save for the Industrial Goods index closed in the red. The Industrial Goods index inched higher, up 0.9% due to bargain hunting in DANGCEM (+1.5%) following its impressive FY: 2018 results.

The Banking index led laggards, down 4.6% based on sell-offs in GUARANTY (-6.9%) and ZENITH (-4.0%). In the same vein, the Consumer Goods index dipped 2.0% as NESTLE (-2.0%) and NIGERIAN BREWERIES (-4.5%) posted another consecutive day of losses.

Similarly, the Oil & Gas and Insurance indices declined 1.6% and 1.0% respectively due to price depreciation in OANDO (-9.7%), REGALINS (-7.4%) and AIICO (-5.2%).

Investor Sentiment Remains Weak
Investor sentiment as measured by the market breadth (advance/decline ratio) stood at 0.3x as 9 stocks advanced against 30 decliners. LIVESTOCK (+7.9%), UNIONDAC (+7.1%) and UAC-PROP (+4.9%) were the top performers while OANDO (-9.9%), FCMB (-9.8%) and DANGFLOUR (-8.8%) were the worst performers.

In our view, the current bearish sentiment in the market are based on sell-offs triggered by foreign portfolio investors. We however note that these pressures present buying opportunities in fundamentally sound stocks; nonetheless, we expect a bearish close tomorrow as investor sentiment remains weak.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Stakeholders Endorse Ecobank Stewardship Pack, School Bundle

Stakeholders in faith-based organisations and education sector have endorsed...

CBN Dissolves, Appoints New CEOs, EDs for Union, Keystone, Polaris Bank

The Central Bank of Nigeria (CBN) has dissolved the...

DANGCEM Drags Benchmark Index… NSE ASI Down 1.6%

The local bourse sustained a downtrend at the end of...

NOKIA: $340m Net Profit in Q4 2012 Swings Firm Back into Black

  ­Nokia has released its fourth-quarter and full year financial...

Royal Exchange to Celebrate 100th Anniversary, Restructure to Lead Market

L-R: Mr. Wale Banmore,  MD, Royal Exchange Prudential Life; Alhaji Auwalu...

Sustained Profit Taking Drags Local Bourse… ASI Down 0.2%

Losses in the local bourse extended into the second consecutive...

Unity Bank Launches GenFi, Targets Children, Teens with Gamified Banking Platform

  The Managing Director of Unity Bank Plc, Mr. Ebenezer...

Africa, ME Banks Spent $13bn on ICT in 2019

  Africa and Middle East’s banking and finance industry spent...
spot_img

Related Articles

Popular Categories

spot_imgspot_img