The equities market sustained the negative mood of the prior week as the NSE All Share Index trimmed by 0.70%, bringing the year-to-date return to -9.27%. Similarly, there was a decline in trading activities as number of deals, market turnover and volume traded pared by 27.35%, 92.88% and 57.64% accordingly. Market breadth closed at 0.45x, reflecting ten gainers (10) as against twenty-two decliners (22).
May and Baker (+4.71%) steered the advancers, to settle at NGN0.89, while WAPIC (+4.00%), Livestock Feeds (+2.50%), MANSARD (+1.63%), and Access Bank (+1.13%) made up the gainers list. On the flip side, Forte Oil recorded the worst performance in the day, paring by 9.74% to close at NGN94.32. Honeywell Flour, Cadbury, NASCON and Oando also populated the top losers’ chart, with declines of 5.00%, 4.95%, 4.90% and 4.88% in that order.
Sector performance as measured by the NSE sector indices revealed that all sector indices trended southwards save for the NSEINS10 which appreciated by 0.61%. The declines recorded by the other sectors were as follows: NSEOILG (-2.40%), NSEBNK10 (-2.14%), NSEFBT10 (-0.31%), and NSEIND (-0.17%).
Market watchers attribute the day’s negative outing to continued investors’ apprehension towards the equities market, given the weak economic fundamentals. They expect the mix of profit taking and bargain hunting activities to determine the direction of market sentiments going forward.