Stock Market

NSE equities market still on a downward trend


The bears continue to dominate in the domestic equities market, as the NSE All-Share Index shed off 23.38 basis points or 0.08% from previous closing of 27,570.94 basis points, to close today at 27547.56 basis points.
The Market Capitalization also shed off 0.08% or 12 billion Naira from yesterday’s close of 14,359 trillion Naira, to close today at 14,347 trillion Naira.
Analysis according to Cordros securities states “following sell-offs of tier-1 Banking stocks. Consequently, the Month-to-date loss increased to 4.4%, while the Year-to-Date gain moderated to 2.6%.”
But, the total volume of trades increased by 24.9% to close at 168.07 million units, comparison with Monday’s total volume of trades which stood at 134.61 million units.
Tuesday’s value of trades also increased and stood at N2.16 billion as against N1.58 billion on Monday.
While the number of deals on Tuesday declined, closing at 3,075 deals against 3,302 deals on Monday.
Zenith Bank PLC was the most traded stock by volume and value at 48.99 million units and N953.24 million, respectively.
Analyzing sectoral performances, the Banking index declined 0.5% and Consumer Goods index also declined, by 0.01%.
While the insurance index gained 0.2%, the Industrial Goods and Oil and Gas indices closed flat.
Market sentiment, as measured by market breadth, was negative, as 13 stocks declined, relative to 12 gainers.
Law union and Rock ins. Plc and japaul Oil & Maritime Services PLC recorded the largest declines by 4.8% and 4.9% respectively, while Wapic insurance Plc and UACN property Development Company PLC both topped the gainer’s list by 10.0% each.

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