Daily Market Summary: Industrial goods leads gainers but banks are losing

Deprecated: mb_convert_encoding(): Handling HTML entities via mbstring is deprecated; use htmlspecialchars, htmlentities, or mb_encode_numericentity/mb_decode_numericentity instead in /var/www/nairametrics/wp-content/themes/nairametrics/functions.php on line 104

Market breadth closes at 0.91x

The fragile positive sentiments witnessed in the last session exacerbated to place the NSEASI lower by 35 basis points.
456.49 million (+33.68%) shares worth NGN4.13 billion (-20.40%) were exchanged in 3,517 deals (-6.69%).
The industrial goods sector index, NSEIND+0.49%, recorded the greatest advancement, albeit feeble.
The positive close can be attributed to the uptick recorded on CCNN+3.77%, as other counters closed flat.
The bears took charge on the prices of a number of medium and large cap counters in the consumer goods space.
The price shedding recorded on stocks like NB-1.79%, NASCON-0.43%, and DANGSUGAR-2.56%, left the NSEFBT10-0.60% index in the red zone.
Investors remained bearish in the banking sector.
The NSEBNK10 index shed 0.47% in the session, settling its year to date return at +3.55%.

Our opinion

There was a dearth of positive momentum on stocks listed in the premium board of the NSE.

Also, three stocks (FBNH-2.68%, ZENITHBANK-1.65%, and UBA-1.35%) in this segment closed southwards while price shedding was witnessed on several other counters in the main board.

In line with this, the market breadth closed negative at 0.91x.

We do not rule out the extension of profit-taking in the next session as investors remain cautious.

Contact Morgan Capital for more information.

Email: [email protected]