Nigerian bourse continues negative rally
Equities market on the Nigerian Stock Exchange (NSE) maintained its position in the red zone as loss of 124bps at the close of the previous trading session extended its bearing by 46bps at the end of to Tuesday’s trading session even as Market capitalization similarly dropped to N13.04 trillion.
Market breadth also closed in favour of the bear with a count of 15 gainers as against 16 losers. With the exception of NSEINS and NSE ASEM which maintained its horizontal stance, all other sector performance indices closed in the red zone.
LIVESTOCK top the gainer’s chart with 4.88 per cent at a close price of N66.17 today followed by UNILEVER (4.45%), ETERNA (4.01%), AIICO (3.92%) and JAIZBANK (3.45%).
On the other hand, CILEASING top the loser’s chart with 5.00 per cent followed by DANGSUGAR (4.99%), NCR (4.98%), CHAMPION (4.76%) and ETI (4.00%).
TRANSCORP, FBNH, ZENITHBANK, GUARANTY and THOMASWY were the top traded stocks in terms of volume while ZENITHBANK, GUARANTY, FBNH, TRANSCORP and DANGSUGAR occupied the top five slots on the value-based charts.
Sequel to the negative NSEASI change, trade volume decreased by 13.63 per cent to close at N643 million while trade value also dwindled by 99.58 per cent to close at N5.43 billion naira.
Given market activities for the week so far, we expect the mid week trading session to experience ambient corrections. However rally tends northward as investment inflow continue to shrink in the last quarter. Analysts at APT Securities and Funds limited said.
