The All Share Index was unable to sustain Wednesday’s positive performance as it fell 30bps to close at 25,055.29 points following renewed sell pressure on Nigerian Breweries with -3.8%, analysts at Afrinvest report
Consequently, YTD loss worsened to -6.8%, while market capitalisation declined by N25.9bn to settle at N8.7tn. Market activity also softened as volume and value traded dipped 10.8% and 14.6% to 144.4m units and N1.5bn respectively.
However, despite the decline in the broader market index, sector performance was mixed as 3 sector indices advanced while 2 declined.
However, despite the decline in the broader market index, sector performance was mixed as 3 sector indices advanced while 2 declined.
The Consumer Goods index fell 1.7% – pressured by losses in the loss in NB, while the Insurance index shed 0.8% on account of losses in Mansard (-4.4%).
On the gainers side, the Banking index added 40bps due to gains in Guaranty Trust Bank (+0.8) and Access bank (+0.5%) while the Oil & Gas index closed 5bps higher as Oando rose 0.9%. The Industrial Goods index closed the day flat.
Investor sentiment remained weak today as market breadth settled at 0.9x (from 0.7x yesterday) after 16 stocks advanced against 17 declining stocks. The best performing stocks were JBERGER (+5.0%), NEIMETH (+4.5%) and FBNH (+4.4%), while UACN (-5.0%), VITAFOAM (-4.8%) and JOHNHOLT (-4.5%) were the worst performers. As sentiment remains driven by the macroeconomic environment, we do not expect a near term recovery in equity prices despite seemingly cheap valuation.
Investor sentiment remained weak today as market breadth settled at 0.9x (from 0.7x yesterday) after 16 stocks advanced against 17 declining stocks. The best performing stocks were JBERGER (+5.0%), NEIMETH (+4.5%) and FBNH (+4.4%), while UACN (-5.0%), VITAFOAM (-4.8%) and JOHNHOLT (-4.5%) were the worst performers. As sentiment remains driven by the macroeconomic environment, we do not expect a near term recovery in equity prices despite seemingly cheap valuation.
