Bearish Trading Persist At NSE As Quities Down By 0.39%
The bearish performance of the Nigerian equities market continued into the fourth consecutive trading session yesterday on the back of losses in Dangote Cement, ETI and Access Bank.
As a result, the All-Share Index (ASI) fell by 0.39 per cent to 29,553.12 points as Year-to-Date loss worsened to -6.0per cent, while market capitalisation fell by N43.4 billion to N11.100 trillion.
At the sound of the closing gong, activity level worsened as volume and value traded dipped by 8.1 per cent and 48.9 per cent to 499.08 million units and N2.89 billion respectively, exchanged in 4,133 deals.
Across sectors, performance was largely bearish as 4 of 5 indices closed in the red. The Insurance Index declined the most, down 2.5 per cent as losses in Regal Insurance (-8.0 per cent) dragged the Index, while the Industrial Goods Index trailed, inching southward by 0.5 per cent following price depreciation in CAP (-9.89 per cent). Similarly, the Consumer Goods and Banking indices fell 0.4 per cent apiece due to sell-offs in Dangote Cement (-3.17 per cent) and Access Bank (-4.27 per cent). On the flip side, the Oil and Gas Index extended its gains into another trading session following sustained buying interest in Forte Oil (+9.9 per cent).
Investors sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.6x from yesterday’s 0.3x as 11 stocks advanced relative to 19 stocks that declined. The top performing stocks were CHAMS (+10.0 per cent), Forte Oil (+9.8 per cent) and Vitafoam (+7.8 per cent) while the least performing stocks for the day were CAP (-9.9 per cent), Unity Bank (-9.3 per cent) and Eterna (-8.0 per cent). Reacting, analysts at Afrinvest said, “We do not expect this negative performance to persist in the final trading session of the week as we anticipate that investors will take advantage of the attractively priced stocks”.
https://www.akelicious.net/2019/04/bearish-trading-persist-at-nse-as.html
As a result, the All-Share Index (ASI) fell by 0.39 per cent to 29,553.12 points as Year-to-Date loss worsened to -6.0per cent, while market capitalisation fell by N43.4 billion to N11.100 trillion.
At the sound of the closing gong, activity level worsened as volume and value traded dipped by 8.1 per cent and 48.9 per cent to 499.08 million units and N2.89 billion respectively, exchanged in 4,133 deals.
Across sectors, performance was largely bearish as 4 of 5 indices closed in the red. The Insurance Index declined the most, down 2.5 per cent as losses in Regal Insurance (-8.0 per cent) dragged the Index, while the Industrial Goods Index trailed, inching southward by 0.5 per cent following price depreciation in CAP (-9.89 per cent). Similarly, the Consumer Goods and Banking indices fell 0.4 per cent apiece due to sell-offs in Dangote Cement (-3.17 per cent) and Access Bank (-4.27 per cent). On the flip side, the Oil and Gas Index extended its gains into another trading session following sustained buying interest in Forte Oil (+9.9 per cent).
Investors sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.6x from yesterday’s 0.3x as 11 stocks advanced relative to 19 stocks that declined. The top performing stocks were CHAMS (+10.0 per cent), Forte Oil (+9.8 per cent) and Vitafoam (+7.8 per cent) while the least performing stocks for the day were CAP (-9.9 per cent), Unity Bank (-9.3 per cent) and Eterna (-8.0 per cent). Reacting, analysts at Afrinvest said, “We do not expect this negative performance to persist in the final trading session of the week as we anticipate that investors will take advantage of the attractively priced stocks”.
https://www.akelicious.net/2019/04/bearish-trading-persist-at-nse-as.html
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