Equity Market: Profit Taking Dominates Market Activity

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Local Bourse Starts The Week In Red
Local Bourse Starts The Week In Red

The broad performance of the equity market in the previous day was bearish, as the NSE All-Share Index lost 1.1%, to close at 2 3,695.9 pts. Consequently, the Year to Date loss worsened to -11.7%. Also, investors lost about N132.9bn in value, as market capitalization dropped to N12.3t n. In terms of activity levels, average volumes and value declined by 2 4.9% and 5.7%, to 155.7mn and N1.7bn, respectively.

Across the major sectors we cover, four out of five sectors closed negative. The Industrial goods (-1.8%) sector was the worst performer, due to DANGCEM (-4.3%) and BUA CEMENT (-0.9%). The Insurance (-0.6%) sector followed, owing to WAPIC (-6.7%) and LASACO (-7.4%). Also, the Banking (-0.3%) sector lost points, as the prices of UBA (-1.7%) and (-0.8%) fell. The Consumer goods (-2bps) sector was the last loser, majorly due to GUINNESS (-1.1%). Finally, the Oil & Gas sector remained flat.

Equity Market: Profit Taking Dominates Market Activity - Brand Spur

Elsewhere, investors sentiment was downbeat, as market breadth was 0.8x. Notably, 1 3 stocks gained, while 15 stocks declined. In today’s session, we expect investors to continue to look for opportunities to take profits.

United Capital Research