However, the Industrial Goods index was the lone gainer today, advancing 0.6% on account of gains in WAPCO (+1.4%). On the flipside, the Consumer Goods index dipped the most, falling 1.4% on the back of price depreciation in NESTLE (-3.1%) and NIGERIAN BREWERIES (-1.6%).
The Insurance index fell 0.8% as losses in CONTINSURE (-4.3%) and MANSARD (-0.6%) pulled the index southwards.
Investor sentiment improved today, albeit still negative, as market breadth settled at 0.7x (from 0.5x yesterday) following 16 stocks that advanced while 24 declined. The Gainers chart was topped by UNILEVER(+6.3%), AFRIPRUD (+4.3%) and CAVERTON (+4.2%) while PZ (-5.0%), OANDO (-4.9%) and CONTINSURE (-4.3%) led the laggards’ list. Following two consecutive days of declines, we believe investors could start to take advantage of some bargain opportunities, hence the current downtrend is expected to be reversed in the trading sessions ahead