Consumer goods, insurance, banking stocks selloff prevail

. NSE ytd returns drop to 13.29%

That the market would close second consecutive week in red is no more in doubt as the equities market on Thursday sustained the descent pattern losing 0.49 per cent for the NSE ASI to close at 43,326.89 points.

The decline on Thursday, was due to sustained sell off in consumer goods stocks. Consequently the Month-to-Date and Year-to-Date returns fell to -2.29 per cent and 13.29 per cent respectively.

Investors yesterday transacted a total volume of 2,220,961,649.00 billion shares worth N7, 495,019,385.81 in 5,468.00 deals. As total market equity capitalization close at N15,548,132,082,738.43, BOND capitalization closed at N9,663,434,251,035.18, while ETF capitalization also closed at N7,611,694,735.34

Consumer Goods index led the decliners with -1.98 per cent drop followed by the Insurance sector with -0.59% decline and the Banking sector with -0.11% loss in the measuring index.

indices, as investors took profit in NESTLE (-5.00%), AIICO (-4.76%), and SKYBANK (-8.93%) shares, respectively. On the flip side, the Oil & Gas (+0.61%) and Industrial Goods (+0.26%) indices closed in the green, driven by demands for FO (+4.90%) and DANGCEM (+0.38%) shares, respectively.

Market breadth remained negative with 16 gainers and 26 losers, led by SKYEBANK (-8.93%) and UNITYBNK (+9.38%) shares respectively. Total volume of trades surged by 336.94% to 2.22 million units, valued at NGN7.50 billion (+63.98%), and exchanged in 5,468 deals.

Top five decliners for the day was led by NESTLE which dropped -5.00% to close lower at N1372.8 per share, Nigerian Breweries followed with -3.24% loss to close at N137.4 per share, while STANBIC closed lower at N45.05 per share , having lost N-0.3 or -0.66%

UBN declined by -2.37% to close at N8.25 per share, while FBNH closed the top five decliners table at N12.55 having lost N-0.2 or -1.57%

The top five gainers table was led by Forte oil with 4.90% or N2.25to close trade atN48.2 per share, followed by INTBREW with 2.61% gain a sit closed at N59 per share, while DANGCEM grew by 0.38%, o close at N265 per share.

FLOURMILL appreciated by 2.48 er cent, closing at N33 per share, while CADBURY closed the top five gainers table with 4.38 per cent or N0.65 growth, to close at N15.5 per share.

Meanwhile, the USD/NGN remained flat at NGN363 in the parallel market, while it weakened by 0.05% to NGN360.40 in the I&E FX window. Also, total turnover in the I&E FX window declined by 21.54% to USD166.58 million, consummated within the range of NGN358 to NGN361.50.

In the fixed income instrument, the overnight lending rate declined for the first time this week, dropping 508 bps to 48%, as inflow of matured OMO bills worth NGN67.68 billion outweighed outflow of NGN23.42 billion via OMO sales.

Investors remained downbeat in the NTB market, as average yield rose by 13 bps to 14.30%. Yields expanded across all ends of the curve – short (+23 bps), mid (+16 bps), and long (+2 bps) – owing to selloffs of the 56 DTM (+102 bps), 112DTM (+61 bps), and 210DTM (+43 bps) bills , respectively.

proceedings turned bullish in the bond market, as average yield inched lower by 6 bps to 13.72%. Yield contraction at the mid (+15 bps) and long (+5 bps) ends of the curve, outweighed expansion at the short (+4 bps) segment, following demands for the FEB-2020 (-22 bps) and MAR-2036 (-14 bps) bonds, and the selloff of the JUN-2019 (+4 bps) bon

Stories by Bonny Amadi