The equities market gained for the first time today, after seven consecutive days of losses. The NSEASI inched up by 0.27% to peg the YtD by -1.30%, with the index level and market capitalization settling at 34,208.30pts and N11.332tn respectively. Volume traded declined by 33.22%, while market turnover advanced by 1.93%. Market breadth (0.79x) tilted […]
The equities market gained for the first time today, after seven consecutive days of losses. The NSEASI inched up by 0.27% to peg the YtD by -1.30%, with the index level and market capitalization settling at 34,208.30pts and N11.332tn respectively. Volume traded declined by 33.22%, while market turnover advanced by 1.93%. Market breadth (0.79x) tilted in favour of decliners, as 22 stocks appreciated against 28 stocks which declined in value.
BETAGLAS led the outperformers, appreciating by 10.00% to close at N33.00. NEIMETH and 7UP closed with gains of 5.00% apiece, while GNI (4.00%) and COSTAIN (3.85%) also made the top gainers’ list. On the other hand, HONYFLOUR declined the most, after shedding 5.00% to close at N3.80. PREMBREW, JOSBREW, CHAMPION and FIDSON all followed suit, with respective losses of 4.99%, 4.95%, 4.90% and 4.60%.
An equal number of indices traded in either direction. The NSEINS10and NSEOILG5 indices declined by 1.14% and 0.08% accordingly, while the NSEBNK10 and NSEFBT10 indices increased by 1.26% and 0.30% respectively.
Across major African markets, Ghana , Mauritius and South Africa indices have advanced by 1.08%, 0.86% and 0.49% in that order, while the Egyptian (-1.71%) and Kenyan (-1.29%) markets are currently recording index declines.
We opine that today’s performance may be a dead cat bounce, as we anticipate that market might be depressed in the period until next MPC meeting given the consternation regarding probable policy decisions, particularly relating to the naira.
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