EQUITIES DIPS FOR THE FIFTH CONSECUTIVE SESSION
Trading activities in the domestic bourse closed in the negative for the fifth consecutive session as sell-pressure on bellwether stocks dragged the index lower.
Consequently, the All Share Index declined by 0.5% to settle at 33,449.17 points even as the Market Breadth closed at 0.47x with 14 gainers and 30 losers. Nevertheless, the volume and value of deals appreciated by 9.4% and 17.8% respectively.
Looking closely at sector performance, we observed that all sector indices closed South except the NSE Consumer Goods Index. The NSE Consumer Goods Index advanced by 1.6% following gains in Nestle (9.6%) and Dangote Flour (7.0%).
On the other hand, the NSE Banking Index lost the most declining by 3.1% on the back of losses in Guaranty Trust Bank (-5.8%) and Skye Bank (-5.1%). Coming after was the NSE Insurance Index dipping by 0.9% due to price decline in Universal Insurance (-9.1%) and Sunu Assurance (-9.1%).
Furthermore, the NSE Oil & Gas Index closed down by 0.8% following losses in Japaul Oil (-8.3%) and Forte Oil (-5.0%). In addition, the NSE Industrial Goods Index decreased by 0.01% due to losses in Cutix (-1.3%).
The most actively traded stock in terms of volume was Guaranty Trust Bank with 17million units of shares worth c.₦563Billion.
Law Union & Rock Insurance led the gainers chart appreciating by 10.0% to close at ₦0.55 from ₦0.50 while Dangote Sugar was the biggest loser dipping by 10.0% to close at ₦14.40 from ₦16.00.
Going into Wednesday’s trading session, we expect the volatility in the market to persist as election pressures remain.