EQUITIES DIPS FOR THE FIFTH CONSECUTIVE SESSION

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.

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