Market sentiment sustains bearish run as ASI sheds 0.87%

… performance measuring indices post decline

The Nigerian equities market for the second consecutive day of the week continued its downtrends yesterday, as NSE-ASI shed -0.87%, fortified by losses recorded by all market performance measuring indices, following the recent sell-off in major equities markets around the globe as well as the fall in oil price.

Going forward, experts maintained that markets expected to trade sideways, just as investors continue to take positions in this earning season.

“Given the sell-off we saw in the market recently, we believe this may present entry opportunities into our quality names for investors with a medium to longer- term horizon”, investment one noted.

Meanwhile, market breadth index ended negative as 48 stocks declined against 18 stocks that gained.

Top five trades for the day were LASACO with 182,765,363 shares worth N58, 998,943.88, followed by FCMB with 90,493,662 shares worth N258, 560,053.00; and SKYEBANK with 79,995,613 shares valued at N101, 959,550.15

Also, Transcorp emerged 4th best traded stock 66,351,494 shares valued N144, 940,059.74 and FBNH closed the to five traded stocks with turnover of 39,724,871 million shares worth N513, 287,404.4 million.

Mobil Nigeria led the day’s decliners’ table with -2.78% to close at N210 per share, followed by UNILEVER with -4.43% equity price loss to close at N45.35 pe share, while FLOURMILL currently floating a N40 billion rights issues lost 4.71 per cent to close at N32.4 per share.

ZENITHBANK was the 4th highest loser for the day with 4.44 per cent loss to close at N31.2 per share, while JBERGER closed the top five losers table with 4.71 per cent loss to close at N27.3 per share.

 NSE Banking Index: Lost -2.11 per cent, largely driven by the sell-off in FBNH with -5.15% declines, DIAMONDBNK with -4.73 per cent loss, STERLNBANK’s -4.68 per cent decline, ZENITHBANK’s -4.44 loss and UBA’s -2.43% equity price decline.

NSE Industrial Index: also declined by -0.98% following the losses in JBERGER which lost -4.71%,, CCNN declined by -3.85% while WAPCO also lost -2.08%).

NSE Oil and Gas Index: followed the descent line with -0.42% on the back of the losses in MOBIL which dropped -2.78%) and Forte oil with -0.22% loss..

NSE Consumer Goods Index: Closed down by -0.28% following the decline in FLOURMILL by -4.71% per cent, HONYFLOUR with -4.70% , UNILEVER’s -4.43% decline and NB -0.07% equity price decline..