Stock market begins in March with decline

The equities market started the month on a negative note, with the ASI closing lower by 1.12 per cent to 42,843.38, as investors took profit across major sectors.

Accordingly, the Year-to-Date gain moderated to 12.03 per cent.

The Industrial Goods, Banking, and Consumer Goods indices led the day’s decline with a 2.20 per cent, 1.14 per cent, and 0.74 per cent depreciation respectively.

This depreciation was as a result of profit taking in Dangote Cement that fell 1.82 per cent, Zenith Bank that dropped 1.25 per cent, and Nigerian Breweries that declined 3.61 per cent.

On the flip side, the Oil & Gas and Insurance indices remained positive. They recorded growth of 0.97 per cent, 0.14 percent by the end of Thursday’s trading, following interest in the shares of SEPLAT that grew 2.20 per cent and NEM Insurance that appreciated by 2.38 per cent respectively.

Market breadth turned negative with 28 gainers and 31 losers.

Japaul Oil led the gainers chart with a growth of 7.41 per cent and FTN Cocoal led the day’s 31 declining stocks as it dropped 5.00 per cent.

Total volume of trades exchanged in 4,570 deals, dropped by 35.08 per cent to 371.25 million. The shares were valued at N4.87 billion.

Stock market analyst, Cordros Capital maintain a positive outlook for the equities market, despite losses recorded on Thursday.

Their position was premised on the strengthening macroeconomic fundamentals and expected positive corporate earnings releases.