LOSSES EXTEND FOR THE SEVENTH CONSECUTIVE SESSION
Today, sell-off in Nestle (-5.4%) and Zenith Bank (-0.5%) dragged the benchmark index lower further decreasing the YTD loss to -16.3%.
Consequently, the All Share Index dipped by 0.8% to settle at 32,022.23 points even as the Market Breadth closed at 0.35x with 9 gainers and 26 losers. Furthermore, the volume and value of deals depreciated by 29.6% and 46..4% respectively.
Looking closely at sector performance, we observed that all sector indices closed in the negative except the NSE Banking Index which gained marginally by 0.02% due to price increase in Skye Bank (9.8%), Unity Bank (9.0%) and Wema Bank (3.3%).
On the other hand, the Industrial Goods Index dipped the most losing by 3.3% on the back of losses in Wapco (-10.0%) and Cement Company of Northern Nigeria (-9.9%). Followed by the NSE Consumer Goods Index declining by 2.3% due to price decrease in Honey Flour (-8.8%) and Nestle (-5.4%).
Similarly, the NSE Insurance Index depreciated by 1.6% following losses in Wapic Insurance (-7.5%) and Standard Alliance Insurance (-7.4%). In addition, the NSE Industrial Oil & Gas Index closed down by 0.7% as a result of losses in Conoil (-9.9%) and Forte Oil (-7.4%).
The most actively traded stock in terms of volume was Guaranty Trust Bank with 28million units of shares worth c.929.8Billion.
Skye Bank led the gainers chart advancing by 9.8% to close at ₦0.67 from ₦0.61 while Wapco was the biggest loser declining by 10.0% to close at ₦20.70 from ₦23.00.
As bearish sentiments remain, we maintain a negative outlook at the next trading session. However, we highlight the possibility that bargain hunters will take advantage of the lower prices to buy into the dip.