Bearish sentiment continues on NSE as Index down 0.15% Wednesday

Proceedings on the Nigerian Stock Exchange (NSE) on Wednesday remained bearish as the benchmark index dipped, by 0.15 per cent to 38,605.07 points, for the fourth consecutive session, amidst continued profit taking.

The Month-to-Date and Year-to-Date returns moderated to 1.31 per cent and 0.95 per cent respectively.

The Oil & Gas (-2.36%) index was top loser, followed by the Consumer Goods (-0.25%) and Industrial Goods (-0.13%) indices. That was largely attributable to sell pressures in the shares of SEPLAT (-4.99%), NB (-1.00%), and CCNN (-3.08%) respectively.

Meanwhile, gains resurfaced in the Insurance (+1.36%) and Banking (+0.20%) indices, owing to interests in PRESTIGE (+10.00%) and ZENITHBANK (+1.96%) stocks respectively.

Market breadth turned positive, with 23 gainers and 20 losers, led by PRESTIGE (+10.00%) and SEPLAT (-4.99%) shares. Total volume and value of trades declined by 31.42% and 37.42% to 267.76 million units, and NGN3.83 billion respectively, traded in 4,786 deals.

Analysts at Cordros capital “expect gains to resurface in the equities market, amidst still supportive macroeconomic fundamentals”.