Aggravating the poor performance since the beginning of the week, the equities market declined by -0.79%, to pressure the Year-to-Date return to -10.44%. Similarly, volume of transactions declined by 23.18%, while the value of transactions advanced by 49.17% accordingly. Market breadth closed at 0.18x, reflecting six gainers (6) as against thirty-three decliners (33).
Fidson, International Breweries, UBN, ETI, and AFRIPRUD were the top gainers for the day, appreciating by 4.88%, 4.68%, 3.37%, 2.00%, and 1.15% accordingly. Conversely, 7UP led the decliners, having shed 9.74% to close at NGN129.36. TRANSCOHOT (-9.66%), PAINTCOM (-9.52%), Transcorp (-7.59%), and Forte Oil (-7.43%) also recorded declines in their share prices during the day.
Sector performance as measured by the NSE sector indices revealed that all sector indices trended southwards save for the NSEIND which appreciated marginally by 0.08%. NSEOILG (-1.79%), NSEBNK10 (-1.23%), NSEFBT10 (-0.95%), and NSEINS10 (-0.31%) declined in that order.
The equities market has traded negative thus far in the week, and it is not expected that there would be a significant change of the prevailing mood in the remaining days of the week. This outlook is based on sustained investors’ apprehension towards the equities market, given the weak economic fundamentals and the dearth of market moving news to boost confidence.