Daily Market Summary: Prestige tops NSE gainers as market remains bearish

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Market breadth closes positive at 1.21x Bearish sentiments drove the NSEASI down by 15 basis points at the sound of the closing bell. Total market capitalisation and YTD return on the bourse closed at NGN13.98 trillion and +0.95% respectively. A total of 267.76 million (-31.42%) shares worth NGN3.83 billion (-37.42%) were exchanged in 4,786 deals […]

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Market breadth closes positive at 1.21x

Bearish sentiments drove the NSEASI down by 15 basis points at the sound of the closing bell.
Total market capitalisation and YTD return on the bourse closed at NGN13.98 trillion and +0.95% respectively.
A total of 267.76 million (-31.42%) shares worth NGN3.83 billion (-37.42%) were exchanged in 4,786 deals (+23.07%).
The oil and gas index, NSEOILG5-2.36% was the worst performer as investors were bearish on SEPLAT-4.99% whilst maintaining a neutral stance on TOTAL and MOBIL.
The insurance sector closed on a positive note as the NSEINS10 inclined by +1.36%.
The top gainer in this space was PRESTIGE+10.00%, which also closed as top advancer on the NSE today.
Buying pressures were also witnessed in the banking sector.
The NSEBNK10 index advanced by 20bps in the session, settling its year to date return at +1.14%.

Our opinion

Despite the decline in negative momentum on the NSEASI, investors’ bearish stance on some heavyweights (NB-1.00%, SEPLAT-4.99%, FBNH-0.47% and ACCESS-0.48%), left the bears in the lead.

Following the extended sell-offs, we expect bargain hunters to take position on counters which have shed significantly.

Contact Morgan Capital for more information.

Email: [email protected]