EQUITIES REVERSED LOSSES TO CLOSE IN THE GREEN
In line with our expectations, the Nigerian equity market closed in the positive as investors bought into the dips as current valuations present a decent entry opportunity.
As a result, the All Share Index appreciated by 0.6% to settle at 32,381.00 points even as the Market Breadth closed at 1.50x with 27 gainers and 18 losers. Furthermore, the volume and value of deals advanced by 67.7% and 23.3% respectively.
A close look at the sector performance revealed that all sectors closed in the green except the NSE Insurance Index. The NSE Banking Index appreciated the most gaining 1.3% largely driven by gains in Unity Bank (9.4%) and Union Bank (9.0%).
Coming after was the NSE Consumer Goods Index and the NSE Oil & Gas Index closing up by 0.3% following the buy interests in Champion Breweries (8.0%) and Nestle (2.3%). Followed by NSE Industrial Goods Index increasing by 0.02% following gains in First Aluminium (10.0%).
On the other hand, the NSE Insurance Index declined by 0.3% following price depreciation in Standard Alliance Insurance (-8.7%), Cornerstone Insurance (-8.7%) and Sovereign Trust Insurance (-8.3%).
The most actively traded stock in terms of volume was Access Bank with 84.9million units of shares worth c.679Billion.
The gainers chart was led by First Aluminium advancing by 10.0% to close at ₦0.33 from ₦0.30 while Red Star Express was the biggest loser declining by 9.1% to close at ₦4.50 from ₦4.95.
At the subsequent trading session, we expect sell pressure to persist while investors continue to take profit as the date for the 2019 election primaries draws closer.