EQUITIES CONTINUES TO TREND SOUTH

EQUITIES CONTINUES TO TREND SOUTH

At the close of Thursday’s trading session equities continued to trend south as sell-pressure on bellwether stocks dragged the index lower further increasing the YTD loss to 10.81%.

Consequently, the All Share Index declined by 0.8% to settle at 34,110.22 points even as the Market Breadth closed at 0.61x with 19 gainers and 31 losers. Furthermore, the volume and value of deals dipped by 22.5% and 7.4% respectively.

Performance across sectors was largely bearish as three indies closed South with the NSE Banking Index moderating the most by 2.5% following losses in Guaranty Trust Bank (-4.6%), Stanbic (-4.3%) and Diamond Bank (-2.4%).

Coming after was the NSE Consumer Goods Index declining by 1.1% due to price depreciation in Unilever (-6.4%), International Breweries (-3.0%) and Nigerian Breweries (-0.5%). Followed by the NSE Insurance Index decreasing by 0.2% on the back of losses in Wapic Insurance (-10.0%) and Law Union & Rock Insurance (-9.1%).

On the other hand, the NSE Industrial Goods Index appreciated by 0.4% following profits in PZ Cussons (2.7%) and Dangote Cement (0.5%). In addition, the NSE Oil & Gas Index advanced by 0.2% on the back of price appreciation in Forte Oil (5.0%) and Oando (0.9%).

The most actively traded stock in terms of volume was Guaranty Trust Bank with 23.9million units of shares worth c.₦860Million.

A.G Leventis led the gainers chart notching by 10.0% to close at ₦0.44 from ₦0.40 while Wapic Insurance was the biggest loser declining by 10.0% to close at ₦0.36 from ₦0.40.

Going into the last trading session of the week, we expect the volatility in the market to persist as election pressures remain.

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