Bearish Sentiment In Domestic Bourse, NGX ASI Dips 7bps

At the end of yesterday, Wednesday’s trading session, the Nigerian All Share Index closed in red, dropping by 0.07% to close at 52,721.34 points.

BrandNewsDay reports that the Nigerian All Share Index Wednesday’s performance was due to sell-offs in large-cap stocks such as WAPCO (-2.41%) and NGXGROUP (-4.58%). Consequently, the YTD return decreased to 23.42% as market capitalisation decreased by ₦19.02 billion to close at  ₦28.42trillion.

The sectoral performance strengthened as four of the five indices under coverage advanced. The Insurance index, the biggest gainer, rose by 0.81% on MANSARD (+4.55%).

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The Consumer goods, Oil & Gas and Banking Indices, followed suit, rising by 0.29%, 0.19% and 0.10%, on PZ (+1.89%), OANDO (+1.30%) and ZENITH BANK (+1.24%) respectively. Conversely, the Industrial Index, the sole loser, fell by 0.19% on WAPCO (-2.41%).

Bearish Sentiment In Domestic Bourse, NGX ASI Dips 7bps

Investors’ sentiment strengthened but was negative as the market breadth increased to 0.87x from 0.77x. This was illustrated by the decline of 23 stocks, led by ACADEMY (-9.20%) and BERGER (-8.39%) and the advance of 20 stocks, led by MCNICHOLS (+9.94%) and TRANSCOHOT (+9.84%). Activity level was weakened as the total volume and value decreased by 53.77% and 3.86% respectively, as investors exchanged about 611.97mn units of shares worth over ₦7.43bn.

We expect negative sentiment to persist on the back of profit-taking on stocks that have appreciated significantly

Nigerian All Share Index