Daily Market Summary: Bears ravage bulls as gloom persists

Market breadth closes at 0.62x

• The market bears resurfaced to recoup the gains recorded in the last session. As a result, the NSEASI-0.83% closed lower at 40,651.41 points, settling the YtD return lower +6.30%.
• A total of 424.37 million (+63.54%) shares worth NGN7.57 billion (+73.43%), were exchanged in 3,502 (-12.45%) deals.
• Profit-taking activities continued on CCNN-5.26% which led all laggards to close at NGN26.10. SOVRENINS+9.09% was the top gainer for the day.
• All sector indices closed in the red. The NSEIND, NSEFBT10, NSEOILG5, NSEBNK10 and NSEINS indices declined by 1.65%, 1.10%, 1.05%, 0.36%, and 0.04% respectively.

Why stocks are down

• Based on our analysis of today’s trades, we attribute the negative close to the persistent gloom-ridden stance by investors.
• Unlike CCNN, sell-offs were noted on several stocks following the gains recorded in few sessions.
• On this note, DANGCEM-0.80%, NB-3.45% and DANGSUGAR-2.37% closed lower, while a number of mid-large cap stocks traded flat.
  

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